eng Keywords: monetary policy, two nominal anchors, inflation target- ing, quadrilateral targeting 2025 application/pdf 1332642 bytes info:eu-repo/semantics/article Fabris, Nikola https://phaidrabg.bg.ac.rs/o:35830 doi:10.2478/jcbtp-2025-0001 ISSN: 1800-9581 http://creativecommons.org/licenses/by/4.0/legalcode Abstract: The traditional approach to monetary policy, which re- lied on one instrument to achieve a single goal, has proven inef- fective during recent periods of global instability. In response to the challenges that this traditional framework could not address, non-standard monetary policy instruments have emerged. While they have somewhat alleviated problems, they cannot be considered a solution, as their long-term application could lead to the emer- gence of several other imbalances. Therefore, this paper explores a new framework for monetary policy based on two nominal anchors. The analysis focuses on two monetary regimes. The first is based on a modification of the inflation targeting regime, which would ad- ditionally include a nominal anchor in the form of an exchange rate. This is not a completely new regime, as some countries have already used an implicit exchange rate target alongside an inflation target. The second regime under consideration is entirely new and would be based on a monetary target and an interest rate target. Monetary Regimes with Two Nominal Anchors : Are they Possible? Journal of Central Banking Theory and Practice volume: 14 number: 1 startpage: 5 endpage: 19