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2006 | nr 744 | 71--88
Tytuł artykułu

Skuteczność polityki monetarnej w ramach cyklu koniunkturalnego - doświadczenia krajów na średnim poziomie rozwoju

Warianty tytułu
The Effectiveness of Monetary Policy in an Economic Cycle -the Experience of Middle Income Countries
Języki publikacji
PL
Abstrakty
Podjęto próbę określenia możliwości w zakresie stabilizowania wahań koniunkturalnych, jakimi dysponują władze monetarne w krajach na średnim poziomie rozwoju. Wyjaśniono, co oznacza skuteczność polityki pieniężnej oraz omówiono rezultaty badań relacji zachodzących między czynnikami pieniężnymi a wahaniami produkcji. Przedstawiono doświadczenia związane z wykorzystaniem polityki monetarnej do stabilizowania wahań koniunkturalnych.
EN
This article focuses on determining the possibilities for stabilising economic fluctuations available to the monetary authorities in middle income countries. The analysis was based on the experience of Korea, Mexico and Chile, and three main conclusions were drawn. First, the use of monetary policy instruments to mitigate the effects of economic fluctuations depends on the prior implementation of structural and institutional reforms. Furthermore, it is essential that new institutional solutions be strengthened and that the central bank establish an anti-inflation reputation. Only then will monetary policy tools become effective instruments in stabilising economic fluctuations. Nevertheless, the introduction of this objective into monetary strategy should be preceded by a thorough analysis of costs and benefits of such a change. Second, reducing the degree of uncertainty as to the impact of monetary policy on the economy requires that the transmission mechanism be examined and a macroeconomic model constructed. Only then doesit become possible to minimise the costs that must be incurred to achieve the established objectives. Third, anti-cyclical monetary policy should be pursued with particular caution especially in emerging economies, since apart from ordinary uncertainty as to the conducted policy's leverage on the economy (this type of uncertainty also occurs in high income countries), the instability (evolution) of the fundamental macroeconomic variables consistent with equilibrium must also be taken into account. (original abstract)
Rocznik
Numer
Strony
71--88
Opis fizyczny
Twórcy
Bibliografia
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000131745682

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