Penningförsörjningsregimer

Penningförsörjningsregimer refers to the different ways a central bank manages the money supply within an economy. These regimes dictate how the central bank influences the amount of money circulating, aiming to achieve macroeconomic stability, such as controlling inflation and promoting economic growth.

One common regime is targeting the growth rate of the money supply. In this approach, the central bank sets a specific annual percentage increase for a defined measure of money (like M2). The central bank then uses its tools, such as open market operations, reserve requirements, and the discount rate, to ensure actual money growth aligns with the target.

Another regime is inflation targeting. Here, the central bank publicly announces a specific inflation rate target, usually for the medium term. While not directly targeting money supply growth, the central bank adjusts monetary policy, including influencing interest rates and credit conditions, with the primary goal of keeping inflation at the desired level. Changes in the money supply are seen as a means to this end rather than a direct target itself.

A more recent approach is nominal GDP targeting. This regime aims to stabilize the growth rate of nominal gross domestic product, which is the total value of goods and services produced in an economy at current prices. By targeting nominal GDP, the central bank seeks to manage both inflation and real economic growth simultaneously. This can involve adjusting the money supply and interest rates to achieve the desired nominal GDP growth path.

The choice of a penningförsörjningsregim depends on various factors, including the specific economic conditions of a country, its institutional framework, and the central bank's mandate and credibility. Each regime has its own advantages and disadvantages in terms of effectiveness and potential side effects.