Monetary policy

Abstract

Monetary policy is a crucial tool used by most, not to say all, central banks to finetune macroeconomic conditions. However, empirical evidence regarding its effectiveness is mixed and based on the premise that monetary policy is appropriately measured and identified. Compared with the vast literature for advanced economies, studies investigating the problem of the indicator and identification of monetary policy are limited in emerging economies. ACKNOWLEDGEMENTI would like to thank my wife and family for their support and continuous care throughout my study in Hungary. Also, I would like to express my gratitude and appreciation to the supervisor -Dr Habil. Kiss Gabor David -and other colleagues for their guidance, comments, and corrections. Their contributions are of importance to complete the thesis.Moreover, I would like to show my appreciation to the Doctoral School of Economics of the University of Szeged, the Stipendium Hungaricum for their support during my study.Finally, I am grateful for precious comments of reviewers.