Stopy procentowe banku centralnego bliskie zera a ryzyko wystąpienia deflacji. Część 1

• Autorzy: Andrzej Rzońca

Warianty tytułu

Central Bank's Interest Rates Close to Zero vs. the Risk of Deflation

• Języki publikacji: PL

Abstrakty

W artykule, w oparciu o literaturę przedmiotu, zestawiono skutki deflacji. Podjęto próbę odpowiedzi na pytanie, jak głęboko bank centralny, chcący uniknąć deflacji, powinien obniżać stopy procentowe.

EN

The episode of acute (global) deflation was last observed in the 1930s, during the Great Crisis. At present, over fifty years later, the fear of a fall in prices has revived. This fear is fuelled mainly by falling inflation rates in the world economy to the levels not seen since 1950s. The low inflation rate is in many economies accompanied by low business activity, despite the fact that the nominal interest rates are close to zero. The paper examines the effects of deflation, as described in the literature on the subject and compares them with the examples of various experience of deflation. In the meantime it tackles an important -according to the author - yet rarely asked question: "How far can a central bank go in decreasing interest rates to prevent deflation?" The study also outlines a mechanism underlying a situation where a decrease in interest rates from a low to a very low level increases the risk of deflation instead of reducing it. (original abstract)

Słowa kluczowe

PL

Gospodarka światowa; Deflacja; Stopa procentowa; Rola banku centralnego w gospodarce

EN

World economy; Deflation; Interest rate; Central bank's role in the economy

• Czasopismo: Bank i Kredyt
• Rocznik: 2004
• Numer: nr 3
• Strony: 22--30

Twórcy

autor

Andrzej Rzońca

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