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Czasopismo
2006 | nr 7 | 71--84
Tytuł artykułu

Reakcje banków centralnych na wstrząsy naftowe lat 70

Treść / Zawartość
Warianty tytułu
Central Banks' Response to Oil Price Shocks in the 1970s
Języki publikacji
PL
Abstrakty
W artykule zawarto analizę porównawczą rekacji banków centralnych Niemiec, Szwajcarii, Japonii, USA, Wielkiej Brytanii i Kanady na pierwszy (1973-1974) i drugi (1979-1980) wstrząs naftowy. Stosowano wówczas dwa podejścia do polityki pieniężnej. Banki centralne USA, Wielkiej Brytanii i Kanady, z obawy przed dalszym pogłębieniem się recesji, dokonały gwałtownego zwrotu i zaczęły prowadzić ekspansywną politykę pieniężną. Natomiast banki centralne Niemiec, Szwajcarii i Japonii kontynuowały restrykcyjną politykę pieniężną.
EN
This article compares responses to the first (1973/1974) and the second (1979/1980) oil price shocks by the central banks of Germany, Switzerland, Japan, the USA, the United Kingdom and Canada. Faced with the first oil price shock the central banks of Germany, Switzerland and Japan continued the restrictive monetary policy stance, what allowed them to limit the impact of growing oil prices on inflation mostly to the first round effects. As a result, they quickly managed to slow down inflation growth to the levels lower than those in other analysed countries and, what is more, with lower costs as measured by the rise in unemployment. In contrast, the central banks of the USA, the United Kingdom and Canada, for fear of recession, turned abruptly towards expansive monetary policy stance. Consequently, in this group of countries inflation and unemployment in the second half of 1970s were higher. Having in mind the experience of the first oil price shock, all the central banks under analysis reacted to the second oil price shock in a similar way: they tightened their monetary policies and showed strong determination in dampening inflation. (original abstract)
Czasopismo
Rocznik
Numer
Strony
71--84
Opis fizyczny
Bibliografia
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  • Schiltknecht K. (1983), Switzerland: The Pursuit of Monetary Objectives, w: P. Meek (red.) Central Bank Views on Monetary Targeting, "Papers Presented at a Conference Held at the Federal Reserve Bank of New York in May 1982", Federal Reserve Bank of New York, New York.
  • Shimamoto R. (1983), Monetary Control in Japan, w: P. Meek (red.), Central Bank Views on Monetary Targeting, Papers Presented at a Conference Held at the Federal Reserve Bank of New York in May 1982, Federal Reserve Bank of New York, New York.
  • Szpunar P. (2000), Polityka pieniężna. Cele i warunki skuteczności, PWE, Warszawa.
  • Thiessen G.G. (1983), The Canadian Experience with Monetary Targeting, w: P. Meek (red.) Central Bank Views on Monetary Targeting, "Papers Presented at a Conference Held at the Federal Reserve Bank of New York in May 1982", Federal Reserve Bank of New York, New York.
  • von Hagen J. (1999a), A New Approach to Monetary Policy (1971-8), w: Deutsche Bundesbank (red.), Fifty Years of the Deutsche Mark. Central Bank and the Currency in Germany since 1948, Oxford University Press, Oxford.
  • von Hagen J. (1999b), Money growth targeting by the Bundesbank, "Journal of Monetary Economics", Vol. 43, No. 3 (June).
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000111781384

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