Polityka pieniężna w strefie euro: dawne obawy, nowe wyzwania

• Autorzy: Andrzej Wojtyna

Warianty tytułu

Monetary policy in the euro area: old concerns, new challenges

• Języki publikacji: PL

Abstrakty

Celem artykułu nie jest bezpośrednie nawiązanie do dyskusji nad potencjalnymi korzyściami i kosztami uczestnictwa Polski w Unii Gospodarczej i Walutowej oraz nad wyborem optymalnej ścieżki dochodzenia do pełnego członkostwa, tylko pośrednie nawiązanie do tych kwestii poprzez przedstawienie doświadczeń, bieżących dylematów oraz przyszłych uwarunkowań polityki monetarnej Europejskiego Banku Centralnego. Zdaniem autora pod koniec pierwszej dekady istnienia UGW, zaburzenia na światowych rynkach finansowych stały się nowym i właściwie pierwszym, bardzo poważnym testem dla polityki prowadzonej przez EBC. Według autora jest jeszcze zbyt wcześnie na wstępną choćby ocenę wyników tego testu. W artykule podjęta została próba poszukiwania odpowiedzi na inne pytania. Dlaczego przy ocenie skutków polityki pieniężnej ECB istotne jest uwzględnienie bardziej ogólnych ram instytucjonalnych? W jakim zakresie uzasadnione było przyjęcie przez EBC specyficznego kształtu strategii polityki pieniężnej? Na ile reguła Taylora okazuje się przydatna w ocenie restrykcyjności polityki pieniężnej EBC?

EN

The paper addresses some important dilemmas and factors determining the monetary policy of the European Central Bank (ECB). According to the author, in the coming years the ECB’s monetary policy will to a large extent depend on how the ongoing financial crisis affects Europe and the world at large. At this point, it is too early to offer an evaluation of how this policy may change, Wojtyna says. The article attempts to answer a number of questions related to the ECB’s monetary policy. One question is whether or not an evaluation of the effects of the bank’s policy should take into account some general institutional frameworks. Second, did the ECB do the right thing adopting a specific strategy for its monetary policy? Third, to what extent has the Taylor rule proved to be useful in the assessment of the restrictiveness of the ECB’s monetary policy? The Taylor rule, proposed by U.S. economist John B. Taylor in 1993, is a rule that stipulates how much the central bank should change the nominal interest rate in response to divergences of actual GDP from potential GDP and of actual inflation rates from target inflation rates. According to Wojtyna, the effects of the ECB’s policy should be clearly differentiated from the effects of the Economic and Monetary Union as a whole. Second, the notion of “ECB policy” is broader than the term “monetary policy” with regard to the European Central Bank, the author says. Third, it is necessary to draw a distinction between various types of monetary policy depending on their scope, Wojtyna notes. The paper also discusses the latest research on the institutional environment of monetary policy and focuses on selected disputed issues involving the monetary policy strategy adopted by the ECB. (original abstract)

Słowa kluczowe

PL

Strefa euro; Polityka pieniężna; Unia Gospodarcza i Walutowa (UGW); Analiza ekonomiczna; Reguła Taylora

EN

Eurozone; Monetary policy; Economic and Monetary Union (EMU); Economic analysis; Taylor rule

• Czasopismo: Gospodarka Narodowa
• Rocznik: 2008
• Numer: nr 11-12
• Strony: 1--20

Twórcy

autor

Andrzej Wojtyna

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