Zero jako granica polityki stóp procentowych banku centralnego

• Autorzy: Michał Jurek

Warianty tytułu

Zero Level of Interest Rates as the Constraint of Central Bank's Policy

• Języki publikacji: PL

Abstrakty

Celem opracowania jest przedstawienie zagadnienia zerowej granicy nominalnych stóp procentowych (zero bound on nominal interest rates). Istnienie tego zjawiska w pewnych szczególnych warunkach może ograniczyć możliwość oddziaływania na gospodarkę przez bank centralny za pomocą standardowych instrumentów. W literaturze określa się to mianem efektu zerowej ganicy (zero bound). W opracowaniu zaprezentowano wyniki najnowszych badań nad prawdopodobieństwem i konsekwencjami jego wystąpienia. Przybliżono również metody zapobiegania efektowi zerowej granicy oraz alternatywne instrumenty, które bank centralny może zastosować, kiedy efekt ten już wystąpi.

EN

The effect of a zero bound in nominal interest rates is one of the challenges that low inflation poses for monetary policy. The central bank is unable to enforce the lowering of the real interest rates, which is necessary if a country is to combat recession, when the nominal interest rates are already very low. The simplest method to avoid the problems caused by the existence of zero bound on nominal interest rates is the maintenance of low inflation rate (2 to 3 p.c.) and its stabilization in the vicinity of inflation target. The central bank should take good care to ensure that the monetary policy guarantees continuation and transparency. In case the zero bound effect takes place, the central bank can resort to apply a wide variety of non-standard instruments. Efficacy of these instruments depends strongly on recession causes and on the specificity of a given economy. It may turn out that negative effectscertain instruments might overshadow the expected benefits.(original abstract)

Słowa kluczowe

PL

Inflacja; Stopa procentowa; Stabilizacja gospodarcza; Polityka stabilizacyjna; Polityka pieniężna; Banki centralne; Instrumenty polityki pieniężnej

EN

Inflation; Interest rate; Economic stabilization; Stabilisation policy; Monetary policy; Central banks; Monetary policy instruments

• Czasopismo: Ekonomista
• Rocznik: 2004
• Numer: nr 1
• Strony: 69--88

Twórcy

autor

Michał Jurek

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