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U doktorskoj disertaciji razmatrana su teorijska i empirijska određenja nominalne i realne konvergencije u Evropskoj uniji u kontekstu implementacije jedinstvene monetarne politike zemalja članica Evropske unije, čime je istovremeno opredeljen predmet istraživanja. Bolje razumevanje primene jedinstvene monetarne politike afirmiše značaj istraživanja u ovoj oblasti a teorijska i empirijska analiza kreiraju rezultate koji će predstavljati značajan naučno praktičan doprinos. Na temelju adekvatne pripreme empirijskog istraživanja nalazi se i konstruktivna teorijska osnova, te je u kontekstu obezbeđivanja naučne zasnovanosti i adekvatne pripreme podataka konsultovan značajan broj autora i njihovih dela kako bi se obezbedio adekvatan teorijski okvir kao uvertira za empirijsko istraživanje. U empirijskom delu disertacije predstavljena su dva originalna konceptualno metodološka okvira analize. Entropijska analiza koja je zasnovana na analizi konvergencije i merenju regionalnih razlika među zemljama članicama je korišćena u cilju merenja visine i stepena ekonomske konvergencije. Strukturno modelovanje jednačina za razvrstavanje pojedinih instrumenata implementacije monetarne politike i empirijskog identifikovanja kvaliteta implementirane politike u Evropskoj uniji upotrebljeno je u cilju identifikovanja stepena nominalne i realne konvergencije. Rezultati istraživanja utvrdiće kauzalne odnose ekonomskih politika na cene i realnu ekonomiju, koji će ukazati na neophodnost jače i dublje koordinacije monetarne i fiskalne politike., Тhe doctoral dissertation discusses the theoretical and empirical determinants of nominal and real convergence in the European Union in the context of the implementation of the single monetary policy of the EU member states, which simultaneously determines the subject of research. A better understanding of the application of the single monetary policy affirms the importance of research in this area, and theoretical and empirical analysis creates results that will represent a significant scientific and practical contribution. Based on the adequate preparation of empirical research, there is a constructive theoretical basis, and in the context of providing scientific basis and adequate data preparation, a significant number of authors and their works were consulted in order to provide an adequate theoretical framework as an overture for empirical research. In the empirical part of the dissertation, two original conceptual and methodological frameworks of analysis are presented. Entropy analysis based on the analysis of convergence and the measurement of regional differences between member states was used in order to measure the amount and degree of economic convergence. The structural modeling of equations for the classification of individual instruments of monetary policy implementation and empirical identification of the quality of implemented policy in the European Union was used in order to identify the degree of nominal and real convergence. The results of the research will determine the causal relations of economic policies on prices and the real economy, which will indicate the need for stronger and deeper coordination of monetary and fiscal policy.

Central banks of the countries, by performing their basic functions, contribute to the well-being of the entire economy. One of their major functions is to conduct a monetary policy that influences both the economy and the population. This process takes place through monetary transmission channels. The effectiveness of monetary transmission channels varies between countries and it is conditioned by a number of factors that characterize the country's economic and financial system. In accordance with these factors, the monetary authorities make the choice of an adequate monetary strategy. Each monetary strategy has a number of advantages and disadvantages. In today's context, a large number of countries have chosen an inflation targeting strategy because of a number of positive macroeconomic effects, as is the case in the countries which are analyzed in this paper. In order to achieve monetary policy goals that are set, the central bank takes certain measures and uses monetary policy instruments. Using monetary policy instruments, the central bank has effects on macroeconomic flows. However, these instruments influence indirectly and with some time delay on predefined goals. One of the most common goals is price stability. Because of these limitations in the operation of monetary policy it is essential to identify the monetary transmission channels in each country, so creators could determine the optimal monetary regime and could predict the impact of monetary policy on the real economy. In this paper, using the vector autoregression model (VAR model), we performed an analysis of the efficiency of monetary transmission channels in selected developed and developing countries (United Kingdom, Canada, United States of America (USA), Mexico, Chile, Brazil and Serbia). This empirical analysis enabled to determine the dominant monetary transmission channels in observed countries. The results of the analysis provide guidance in taking the necessary steps to the monetary auth

The relatively short experience of the National Bank of Serbia in the implementation of the inflation targeting strategy, in addition to the partial success in achieving the set goals in terms of levels of the targeted inflation, was accompanied by a varying degree of the dinar exchange rate flexibility. The aim of the research is to provide a detailed analysis of the validity of certain exchange rate determination theories, as well as the role and importance of the exchange rate in the inflation targeting regime. Also, special attention was devoted to the analysis of the inflation targeting regime and the comparison of the inflation targeting regime with other monetary policy strategies, as well as the possibilities of direct and indirect targeting of the dinar exchange rate within inflation targeting.The conducted empirical analysis and verification of the validity of certain theories of exchange rate determination points to the basic determinants in the movement of the dinar exchange rate. The analysis of the effects of the dinar exchange rate on basic macroeconomic performance points to the importance of the exchange rate in the process of implementation of the monetary policy of the National Bank of Serbia. Comparative analysis with countries that have adopted the inflation targeting strategy indicates the similarities and differences in the practical implementation of the monetary and exchange rate policy. Due to the significance of the dinar exchange rate in the process of monetary policy implementation, as well as the specificity of the domestic economy, primarily in terms of the high level of financial system euroisation, and the significant effect of the change in the exchange rate on prices, the possibilities of indirect and direct targeting of the course within inflation targeting are analyzed.

Debido a las altas expectativas de inflación, el Banco Nacional de Serbia ha elegido la estabilidad de precios como el objetivo principal de la política monetaria y la tasa de política clave como el principal instrumento de regulación monetaria. Sin embargo, a pesar de la regla de Taylor claramente definida, la tasa de política clave no siempre sigue el movimiento de la tasa de inflación. En consecuencia, el objetivo de este estudio es evaluar los efectos de la tasa de inflación en la tasa clave de política y la posibilidad de utilizar la regla de Taylor en las condiciones originales de baja inflación. Con base en el objeto definido de la investigación, probamos la siguiente hipótesis: la tasa de inflación tuvo un impacto estadísticamente significativo en la tasa de política clave en todo el período analizado, entre 2007 y 2015. La misma observación se probó para dos subperíodos entre 2007 y 2011 y entre 2012 y 2015. Por lo tanto, se puede concluir que existe un impacto medio estadísticamente significativo de la tasa de inflación en la tasa de política clave, pero la representatividad del modelo podría ser mayor. La falta de reacción de la tasa clave de política monetaria a la inflación enfatiza la necesidad de redefinir los instrumentos de política monetaria y modificar la estrategia de metas de inflación., Due to high inflation expectations, the National Bank of Serbia has chosen price stability as the primary objective of monetary policy and the key policy rate as the main instrument of monetary regulation. However, despite a clearly defined Taylor rule, the key policy rate does not always follow the movement of the rate of inflation. Accordingly, the aim of this study is to test the effects of inflation rate on the key policy rate and the possibility of using Taylor rule in the original conditions of low inflation. Based on the defined object of the research, we tested the following hypothesis: inflation rate had statistically significant impact on the key policy rate in the whole analyzed period, between 2007 and 2015. The same observation was tested for two sub-periods between 2007 and 2011 and between 2012 and 2015. Therefore, it can be concluded that there is statistically significant moderate impact of inflation rate on the key policy rate, but representativeness of the model could be higher. The lack of reaction of the key policy rate to inflation stresses the need for redefining monetary policy instruments and modifying the strategy of inflation targeting.

Due to high inflation expectations, the National Bank of Serbia has chosen price stability as the primary objective of monetary policy and the key policy rate as the main instrument of monetary regulation. However, despite a clearly defined Taylor rule, the key policy rate does not always follow the movement of the rate of inflation. Accordingly, the aim of this study is to test the effects of inflation rate on the key policy rate and the possibility of using Taylor rule in the original conditions of low inflation. Based on the defined object of the research, we tested the following hypothesis: inflation rate had statistically significant impact on the key policy rate in the whole analyzed period, between 2007 and 2015. The same observation was tested for two sub-periods between 2007 and 2011 and between 2012 and 2015. Therefore, it can be concluded that there is statistically significant moderate impact of inflation rate on the key policy rate, but representativeness of the model could be higher. The lack of reaction of the key policy rate to inflation stresses the need for redefining monetary policy instruments and modifying the strategy of inflation targeting., Debido a las altas expectativas de inflación, el Banco Nacional de Serbia ha elegido la estabilidad de precios como el objetivo principal de la política monetaria y la tasa de política clave como el principal instrumento de regulación monetaria. Sin embargo, a pesar de la regla de Taylor claramente definida, la tasa de política clave no siempre sigue el movimiento de la tasa de inflación. En consecuencia, el objetivo de este estudio es evaluar los efectos de la tasa de inflación en la tasa clave de política y la posibilidad de utilizar la regla de Taylor en las condiciones originales de baja inflación. Con base en el objeto definido de la investigación, probamos la siguiente hipótesis: la tasa de inflación tuvo un impacto estadísticamente significativo en la tasa de política clave en todo el período analizado, entre 2007 y 2015. La misma observación se probó para dos subperíodos entre 2007 y 2011 y entre 2012 y 2015. Por lo tanto, se puede concluir que existe un impacto medio estadísticamente significativo de la tasa de inflación en la tasa de política clave, pero la representatividad del modelo podría ser mayor. La falta de reacción de la tasa clave de política monetaria a la inflación enfatiza la necesidad de redefinir los instrumentos de política monetaria y modificar la estrategia de metas de inflación.