Pośrednictwo finansowe i analiza makroekonomiczna

• Autorzy: Michael Woodford , Marek A., tłum. Dąbrowski
• Języki publikacji: PL

Abstrakty

W tym artykule wyjaśniam najpierw, dlaczego ani standardowe modele makroekonomiczne, które abstrahują od pośrednictwa finansowego, ani tradycyjne modele "bankowego kanału kredytowego" nie są adekwatną podstawą do zrozumienia ostatniego kryzysu. Twierdzę, że zamiast nich są nam potrzebne modele, w których pośrednictwo finansowe odgrywa bardzo ważną rolę, a zarazem jest modelowane w sposób uwzględniający w większym stopniu bieżące realia instytucjonalne. Potrzebne są nam zwłaszcza takie modele, w których uwzględnia się fakt, iż system finansowy oparty na mechanizmie rynkowym - tj. taki, w którym pośrednicy finansują swoją działalność, sprzedając papiery wartościowe na konkurencyjnych rynkach, a nie w drodze przyjmowania depozytów objętych wymogiem rezerwy obowiązkowej - to nie to samo, co system działający bez jakichkolwiek tarć. Następnie szkicuję podstawowe elementy podejścia, które pozwalają na włączenie pośrednictwa finansowego oraz tarć na rynku kredytów do analizy makroekonomicznej w prosty sposób. Wyjaśniam, w jaki sposób można wykorzystać model do analizy makroekonomicznych następstw ostatniego kryzysu finansowego, a w części końcowej omawiam niektóre ważne z punktu widzenia prowadzenia polityki pieniężnej wnioski wypływające z modelu. (fragment tekstu)

Słowa kluczowe

PL

Analiza makroekonomiczna; Pośrednictwo handlowe

EN

Macroeconomic analysis; Trade intermediary

• Czasopismo: Gospodarka Narodowa
• Rocznik: 2011
• Numer: nr 11-12
• Strony: 109--139

Twórcy

autor

Michael Woodford

• Columbia University, New York City, USA.

autor

Marek A., tłum. Dąbrowski

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