The monetary policy problems during the global crisis

Šiame straipsnyje analizuojamos pinigų politikos įgyvendinimo problemos, su kuriomis susiduria išvystytos ekonomikos valstybės globalios krizės iššūkių aplinkoje. Tokio pobūdžio analizė pareikalavo moksliškai pagrįsto pinigų politikos procesų sujungimo su ekonomikoje vykstančiais pokyčiais ir tuos pokyčius iliustruojančiais makroekonominiais rodikliais. Sisteminė pinigų politikos analizė remiasi pinigų ir ekonomikos teorijomis, dėsniais ir dėsningumais pritaikant neoklasikines pinigų kiekio, pinigų paklausos ir pasiūlos teorijas, sujungiant jas su atliktais naujausiais moksliniais tyrimais analizuojančiais pinigų politikos ir realios ekonomikos procesus išvystytos ekonomikos valstybėse. Pinigų politikos priemonių, instrumentų ir svertų bei makroekonominių indikatorių analizė padeda išaiškinti pinigų politikos problemas ir jų priežastis atskleidžiant neatitinkančius siekiamų rezultatų asimetrinius makroekonominių rodiklių nuokrypius.Monetary policy is analysed from a new systematic perspective by revealing its basic role within the economy of the state as the constantly operating monetary policy and real economy system. Scientifically justified the connection between the monetary policy process and the recent economic changes as well as the macroeconomic criteria illustrating the above mentioned changes is dedicated to the improvement of the establishment and implementation of monetary policy, adjusting to new challenges and conditions of the global economy. The systematic analysis of monetary policy is based on monetary and economic theories, laws and patterns, monetary policy and economy tendencies that are fluctuating within the environment of the modern globalization processes, researching their influence upon the social and economic development of the states. Therefore, the priorities of the scientific research of monetary policy are selected taking into consideration such methodological trends and aspects that support the connection between monetary policy and the phenomena taking place within the economy of the state and with macroeconomic criteria reflecting the above mentioned phenomena. The highlighting of monetary policy priorities, chosen by the central banks of the countries during the years of the global crisis, as well as the perception and identification of the results of implementing monetary policy introduces new tendencies with monetary policy along with the problems associated with the implementation thereof. The article is compounded of three sections. The main priorities of investigation of the monetary policy are presented in the first section. The second section provides the problems of the implementation of monetary policy during the global crisis. The improvement of the contemporary monetary policy requires the assessment of the additional macroeconomic criteria and adjustment to state finance and economy structure. The highlighted problems of monetary policy are related to the peculiarities of the time adjustment in money supply and money demand, since it becomes more and more complicated to adjust the money supply and money demand in respect of time under the existence of the unforeseen changes in the money demand of international nature within international markets. The third section analysis link the methodological issues of investigation of monetary policy are presented according the main problems occurred on the stake of global crisis. Monetary policy creation methodology that will require a new approach, comprising the methods from neoclassical quantity theory of money, asset value and monetary growth model, having applied which in the analysis of monetary policy as well as having assessed the external factors currently participating the contemporary economy, it is possible to analyse in detail and systematically, then to determine the most important trends in the influence of monetary policy upon the econom