Stabilność finansowa a polityka pieniężna
Financial Stability and Monetary Policy
Przedstawiono główne wątki z dyskusji jaka toczy się ostatnio w literaturze zagranicznej na temat związków między stabilnością cen i stabilnością finansową a także wynikające z niej wnioski dla polityki ekonomicznej i zmian instytucjonalnych.
In recent years, the interaction between monetary and financial stability has drawn the attention of macroeconomists due to the appearance of several new phenomena in the world economy that have greatly modified and complicated how economic policy is conducted. The purpose of this article is to present the controversies associated with designing a policy that can incorporate the complicated relationships between both types of stability in the best possible manner. From this perspective, the distinction between two stylised views on the impact of the new phenomena on the effective conduct of monetary policy introduced by economists from the Bank for International Settlements has proved very useful. These are the continuity view and the new environment view. The key feature of the "new environment" is that during an unstable boom, open inflationary pressure may appear with a significant lag. Therefore, the so-called "credibility paradox" plays a significant role in the discussion on these two interpretations. This paradox is that a central bank may become a victim of its own success, since the elimination of inflation may lead to changes in the system dynamics that mask the risk of financial instability that the economy is facing. The final section of the article is devoted to proposals for institutional changes that could have a lasting impact on limiting the effects of negative feedback between monetary and financial instability. (original abstract)
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