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2005 | nr 59 | 58--70
Tytuł artykułu

Spór o stabilność cen w strefie euro

Treść / Zawartość
Warianty tytułu
The Controversy about the Evaluation of the Definition Price Stability in the Euro Area
Języki publikacji
PL
Abstrakty
Celem artykułu jest przedstawienie uzasadnienia wyboru stabilnego poziomu cen w strefie euro, jako niskiej pozytywnej stopy inflacji i jego ocena. W artykule przedstawiono cel stabilności cen w interpretacji Europejskiego Banku Centralnego.
EN
The aim of this paper is presentation of the controversy about the evaluation of the definition of price stability. The Treaty establishing the European Community assigns to the European Central Bank (ECB) the primary and overriding objective maintaining price stability in the euro area. In October 1998 the Governing Council of the ECB announced its quantitative definition of price stability as key element of its monetary policy strategy. By referring to "an increase in the HICP of below 2%", the definition of price stability makes clear that both inflation and deflation are incompatible with price stability. In its announcement of 8 May 2003, the ECB's Governing Council confirmed its definition of price stability. At the same time, it made clear that, within the definition, it aims to maintain inflation rates "close to 2% over the medium term". With this clarification the Governing Council underlined that this focus of monetary policy, i.e. below, but close to, the upper bound of the definition, "provides a safety margin to guard against the risk of deflation". Choosing a quantitative specification of the objective to be pursued by the central bank over the medium term requires striking a balance between the costs of inflation and the possible arguments for tolerating small positive inflation rates. Therefore this paper presents these four arguments: the zero lower bound of nominal interest rates and risk deflation, measurement bias in the price index, downward nominal rigidities in prices and labour compensation and sustained inflation differentials in a monetary union. It seems to me that the rationale for tolerating small positive inflation rates is the zero lower bound of nominal interest rates and risk deflation. (original abstract)
Słowa kluczowe
PL
Ceny   Euro   Inflacja  
EN
Prices   Euro   Inflation  
Rocznik
Numer
Strony
58--70
Opis fizyczny
Twórcy
Bibliografia
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  • The Dispersion of Inflation Rates Across the Euro Area Countries and the US Metropolitan Areas, "ECB Monthly Bulletin", April 2003, s. 22-24.
  • W.F. Duisenberg, Where Do We Stand in the EMU Process?, "Auszüge aus Presseartikeln" 1997, Nr. 66, s. 7.
  • M. Edey, Costs and Benefits of Moving from Low Inflation to Price Stability, OECD, "Economic Studies" 1994, no. 23, s. 110-112.
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  • J. Fuhrer, What Kind of Price Stability Do We Want?, w: Why Price Stability? First ECB Central Banking Conference, eds A.G. Herrero, V. Gaspar, L. Hoogduin, J. Morgan, B. Winkler, Frankfurt a. M. 2000, s. 172-174.
  • P. Gillies, Stabil gleich sozial, Deutsche Bundesbank, "Auszüge aus Presseartikeln" 1998, Nr. 54, s. 10-11.
  • P. De Grauwe, Panel Discussion, w: Why Price Stability?, s. 205-208.
  • L. Heikensten, Monetary Policy in Low Inflation Environment: Some Reflections by a Policy Makers, w: Why Price Stability?, s. 158-159.
  • The Monetary Policy of the ECB, European Central Bank, Frankfurt a. M. 2001, s. 37.
  • M.J.M. Neumann, Price Stability, "European Economy" 1991, no. 1, s. 87.
  • The Outcome of the ECB's Evaluation of its Monetary Policy Strategy, "EBC Monthly Bulletin", June 2003, s. 83.
  • M. Parkin, What Have We Learned About Price Stability?, w: Conference Proceedings to: Price Stability, Inflation Targets and Monetary Policy, May 1997, "Bank of Canada Review", Winter 1997-1998, s. 280-281.
  • J.H. Rogers, Price Level Convergence, Relative Prices, and Inflation in Europe, Board of Governors of the Federal Reserve System, "International Finance Discussion Paper", March 2001, no. 699, s. 36-38.
  • P. Samuelson, Theoretical Notes on Trade Problems, "Review of Economics and Statistics" 1964, no. 46.
  • H.W. Sinn, M. Reutter, The Minimum Inflation Rate for Euroland, "NBER Working Paper", January 2001, no. 8085, s. 17-18.
  • A Stability-Oriented Monetary Policy for the ESBC, EEC, Frankfurt a. M., 13.10.1998.
  • L.E.O. Svensson, Monetary Policy and Real Stabilization, "NBER Working Paper", February 2003, no. 9486, s. 34-36.
  • J. Vickers, Monetary Union and Economic Growth, National Bank of Belgium, "Working Papers-Research Series", May 2000, no. 10, s. 26-27.
  • J. Vinals, Monetary Policy Issues in a Low Inflation Environment, w: Why Price Stability!,^ 113.
  • N. Wellink, The Monetary Strategy of the Eurosystem - an Assessment, "BIS Review" 2002, no. 60, s. 1-4.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000113260166

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