Pénzpolitika

Pénzpolitika, or monetary policy, denotes the set of actions taken by a country's central bank or monetary authority to influence the money supply and the cost of borrowing. Its primary aims are price stability and sustainable economic growth, with attendant objectives such as full employment and financial stability. The policy framework is typically designed to be predictable and credible.

Policy instruments include the policy interest rate, open market operations, reserve requirements, and standing facilities. Central banks may also employ unconventional tools such as quantitative easing or targeted lending programs, especially in crises, and communicate their intentions through forward guidance. The choice and sequencing of instruments depend on the economy's state, the longer-run objective, and the credibility of the central bank.

The transmission of monetary policy operates through channels such as interest rates, credit conditions, asset prices, and exchange rates. Changes in the policy rate influence borrowing costs for households and firms, with effects that propagate through investment, consumption, and inflation. The effectiveness depends on financial system health, confidence, and fiscal conditions, as well as global financial conditions.

Monetary policy independence, professional governance, and transparency are considered central to its credibility. Lags between policy actions and outcomes, the zero lower bound on rates, and unintended side effects—such as asset price distortions or inflation surprises—pose design and implementation challenges.

In most economies, monetary policy operates alongside fiscal policy and macroprudential regulation. Open economy considerations, such as exchange rate regimes and cross-border capital flows, shape policy space and coordination needs, making monetary policy a key but complex component of macroeconomic management.