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2005 | nr 56 | 35--55
Tytuł artykułu

Polityka pieniężna w warunkach niskich stóp procentowych

Autorzy
Treść / Zawartość
Warianty tytułu
Monetary Policy in a Low Interest Rates' Environment
Języki publikacji
PL
Abstrakty
Autor wskazał na rosnące w ostatnich latach ryzyko wystąpienia zerowej granicy nominalnej stopy procentowej i wynikające z niego ograniczenia skuteczności prowadzonej polityki pieniężnej. Przedstawił także propozycję przezwyciężenia efektu zerowej granicy.
EN
Article presents the meaning of the zero bound on the nominal interest rate and its negative influence on effectiveness of monetary policy. When average levels of interest rates and inflation are already low, the zero lower bound may become a binding for monetary policy. This means that the central bank's ability to reduce interest rates sufficiently in response to large and persistent negative shocks to ensure the timely return of inflation to its target is likely to be constrained, so monetary policy can't fully offset economic downturns. This phenomenon is called the zero bound effect. Although probability of encountering the zero bound is rather small, its negative effects can be very serious. The best way for central banks to avoid problems related to the zero bound effect is building central bank's credibility by stabilising the inflation rate around the target and by responding symmetrically and with equal strength to inflationary and deflationary shocks. Central banks should also implement and protect a coherent monastery order to shape the public's expectations and to ensure consistency in formulation and implementation of monetary policy. However, if the zero bound effect really occurs, a monetary policy doesn't loose all effectiveness. Several recommendations for overcoming problems related with this effect were made. This paper presents briefly advantages and disadvantages of all proposals for overcoming the zero bound effect presented in the literature. (original abstract)
Rocznik
Numer
Strony
35--55
Opis fizyczny
Twórcy
Bibliografia
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000106814564

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