University of Niš, Faculty of Economics, Niš, Serbia

University of Niš, Faculty of Economics, Niš, Serbia

University of Niš, Faculty of Economics, Niš, Serbia


Numerous empirical studies conducted in the last few years have proven that monetary policy has a significant impact on preserving the sustainability of the entire economic system of a country. Bearing in mind that the effectiveness of monetary policy in developing countries is especially questioned when the structure of the financial system limits the effectiveness of its instruments, the paper analyzes the monetary policy of the Republic of Serbia. The subject of research in this paper is the analysis and measurement of the effectiveness of monetary policy in the period from 2002-2022. In order to analyze the efficiency, a regression analysis of the determinants of monetary policy was performed. The results show that the government must pay much more attention to monetary policy in order to improve its effectiveness in the future.


Full Text


Rasche, R., & Williams, M. M. (2005). The effectiveness of monetary policy. FRB of St. Louis Working Paper No.

Borio, C. (1997). The implementation of monetary policy in industrial countries: a survey.

Poole, W. (1970). Optimal choice of monetary policy instruments in a simple stochastic macro model. The Quarterly Journal of Economics, 84(2), 197-216.

Fingleton, B., Garretsen, H., & Martin, R. (2015). Shocking aspects of monetary union: the vulnerability of regions in Euroland. Journal of Economic Geography, 15(5), 907-934.

McKay, A., & Wolf, C. K. (2023). Monetary policy and inequality. Journal of Economic Perspectives, 37(1), 121-144.

Wu, H., Xu, Z., & Yan, P. (2022). Financial repression, SOE reform and fiscal-monetary policy coordination. China Economic Quarterly International, 2(2), 151-163.

Okoro, A.S.(2013). Impact of Monetary policy on Nigerian Economic Growth. Prime Journal of Social Science, 2(2), 195-199.

Đorđević, M., Đurović Todorović, J., Ristić Cakić, M. (2020). ZNAČAJ UPOTREBE QE I “NOVCA IZ HELIKOPTERA” U POKRETANJU PRIVREDNE AKTIVNOSTI NAKON KRIZE IZAZVANE VIRUSOM KOVID 19. Finansije. Glavni urednik: Luka Tomić Zamenik glavnog urednika: prof. dr Dejan Popović, 7.

Ajayi, S.I. (1974). An Econometric Case Study of the Relative Importance of Monetary and Fiscal Policy in Nigeria. The Bangladesh Economic Review, 2(2), 559-576.

Ali, S., Irum, S., & Ali, A. (2008). Whether Fiscal Stance or Monetary Policy is Effective for Economic Growth in Case of South Asian Countries. The Pakistan Development Review, 47(4), 791-799.

Chowdhury, A.R. (1986). Monetary and Fiscal Impacts on Economic Activities in Bangladesh: A Note. The Bangladesh Development Studies, 14(2), 101-106.

Enache, C. (2009). Fiscal Policy and Economic Growth in Romania. Annales Universitatis Apulensis Series Oeconomica, 11(1), 502-512.

Kvrgić, G., Čolić, Z., & Vujović, T. (2011). Značaj koordinacije mera monetarne i fiskalne politike. Bankarstvo, 40(3-4), 32-61.