Zero jako granica obniżania nominalnych stóp procentowych

• Autorzy: Magdalena Musielak-Linkowska

Warianty tytułu

Zero Bound on the Nominal Interest Rates

• Języki publikacji: PL

Abstrakty

Stabilizacja niskiej stopy inflacji, aczkolwiek pożądana i korzystna z punktu widzenia realnej sfery gospodarki, wiąże się z pewnymi problemami dla polityki stóp procentowych banku centralnego. Niektórzy ekonomiści określają ten problem jako granicę 0% dla obniżania nominalnych stóp procentowych. Przy założeniu, że granica ta istnieje, odpowiednio silny szok podażowy lub popytowy mógłby wepchnąć gospodarkę w spiralę deflacyjną. Większość badań dotyczących prawdopodobieństwa wystąpienia granicy 0% dla obniżenia nominalnych stóp procentowych wskazuje, że granica 0% jest nieistotna dla celu inflacyjnego na poziomie 2% lub wyższym. Z kolei dla celu inflacyjnego zawierającego się w przedziale 0-1% konsekwencje osiągania granicy 0% istotnie wzrastają, a częstotliwość spadku nominalnych stóp procentowych do poziomu granicy 0% wzrasta do 33%.(abstrakt oryginalny)

EN

Stabilization of low rates of inflation, though desired and useful for an economy, can cause some problems and implications for interest rate policy of the monetary authority. Some economists see these problems as a zero bound on nominal interest rates. If the zero bound existed, then a shock large enough could even push the economy in a deflationary spiral. Many studies on the probability, that the monetary policy may become constrained by the zero lower bound on interest rate, can be found in the literature. In most studies the probability of encountering the zero bound is considered to be negligible for an inflation target of 2 per cent or more. However, for inflation targets between 0 and 1 per cent, the consequences of the zero bound become increasingly important and the frequency of time spent at the zero bound can rise up to 33%. The consequences of the zero bound constraint on the economic performance, measured as output and inflation variability, are negligible for an inflation target of 2 per cent or more, but become significant for inflation between 0 and 1 per cent. (original abstract)

Słowa kluczowe

PL

Stopa procentowa; Polityka pieniężna; Inflacja; Instrumenty polityki pieniężnej

EN

Interest rate; Monetary policy; Inflation; Monetary policy instruments

• Czasopismo: Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu
• Rocznik: 2011
• Numer: nr 33
• Strony: 173--199

Twórcy

autor

Magdalena Musielak-Linkowska

• Wyższa Szkoła Bankowa w Poznaniu

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