Endogeneity of Money Supply and the Evolution of Monetary Policy Regimes: From Inflation Targeting to Quantitative Easing and Its Long-Term Institutional Consequences

This article provides definitions of key terms related to the topic of the study (endogeneity of money, monetary policy). It also substantiates the relevance of the endogeneity of money supply and the evolution of monetary policy regimes in the context of the transition from inflation targeting to quantitative easing and its long-term institutional consequences. The article examines the Central Bank’s activities in the context of monetary policy measures such as changes in the key rate and required reserve ratio for banks, and draws conclusions regarding the validity of the thesis on the endogeneity of money supply.