PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
Czasopismo
2012 | nr 7-8 | 45--65
Tytuł artykułu

Banki centralne po kryzysie: czy konieczne są zmiany instytucjonalne w strategii bezpośredniego celu inflacyjnego?

Autorzy
Treść / Zawartość
Warianty tytułu
Central Banks After the Crisis : Is the Direct Inflation Targeting Strategy in Need of Institutional Changes?
Języki publikacji
PL
Abstrakty
Artykuł ma charakter przeglądowy. Jego celem jest, po pierwsze, próba pokazania - w świetle dyskusji toczącej się wokół przyczyn, przebiegu i skutków obecnego kryzysu - czy i w jakim stopniu uzasadnione są zarzuty formułowane pod adresem polityki pieniężnej. Po drugie, celem jest sprecyzowanie, w jakim zakresie proponowane korekty dotyczą instytucjonalnego wymiaru strategii BCI. Rozważone zostaną propozycje zastąpienia jej strategią celu w postaci stabilizowania poziomu cen (price-level targeting), strategią celu dotyczącego nominalnego PKB (nominal GDP targeting) oraz podwyższenia celu inflacyjnego. Z przeprowadzonej analizy płynie ogólny wniosek, że dopóki nie zostaną rozwiązane szersze dylematy dotyczące optymalnego umiejscowienia funkcji nadzorczych, regulacyjnych i makroostrożnościowych w instytucjonalnej strukturze gospodarki, nieuzasadnione byłyby próby zastąpienia strategii bezpośredniego celu inflacyjnego omówionymi w artykule alternatywnymi rozwiązaniami, niezależnie od zalet wskazywanych przez ich zwolenników. (abstrakt oryginalny)
EN
The article looks at whether and to what extent criticism is justified with regard to monetary policy in Poland in the context of the ongoing debate on the causes, course and implications of the global financial and economic crisis. Another aim is to determine to what extent the proposed adjustments in monetary policy concern the institutional aspect of the direct inflation targeting strategy. The author discusses proposals to increase the inflation target and replace the direct inflation targeting strategy with the so-called pricelevel targeting strategy or the nominal GDP targeting strategy. The general conclusion from the article is that, until broader dilemmas are resolved concerning the optimal role of supervisory, regulatory and macro-prudential functions in the institutional structure of the economy, any attempts at replacing the direct inflation targeting strategy with alternative strategies would be uncalled-for, the author says, regardless of the purported advantages of these alternative strategies highlighted by their advocates. (original abstract)
Czasopismo
Rocznik
Numer
Strony
45--65
Opis fizyczny
Twórcy
  • Uniwersytet Ekonomiczny w Krakowie
Bibliografia
  • Batini N., Tereanu E., [2010], Inflation Targeting During Asset and Commodity Price Booms, "Oxford Review of Economic Policy", No. 1.
  • Bean C., [2010], The UK Economy after the Crisis: Monetary Policy When It Is Not so NICE, Speech to Alumni of Cambridge University, 16 March 2010, London.
  • Bean C., [2011], Central Banking Then and Now, Sir Leslie Melville Lecture, Australian National University, 12 July 2011], Canberra.
  • Bean C., Paustian M., Penalver A., Taylor T., [2010], Monetary Policy After the Fall, w: Macroeconomic Challenges: The Decade Ahead, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, 26-28 August 2010, Jackson Hole.
  • Beckworth D., [2010], Why a NGDP Level Target Trumps a Price Level Target, http://macromarketmusings. blogspot.com/2010/11/why-ngdp-level-target-trumps-price-level-target
  • Bernanke B.S., [2010], Opening Remarks, w: Macroeconomic Challenges: The Decade Ahead, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, 26-28 August 2010], Jackson Hole.
  • BIS, [2012], 82nd Annual Report. 1 April 2011-31 March 2012, Bank for International Settlements, Basel, 24 June 2012.
  • Blanchard O., Dell'Ariccia G., Mauro P., [2010], Rethinking Macroeconomic Policy, IMF Staff Position Note, 12 February 2010, SPN/10/03.
  • Bofinger P., [2001], Monetary Policy. Goals, Institutions, Strategies, and Instruments, Oxford University Press, Oxford.
  • Borio C., [2011], Central Banking Post-crisis: What Compass for Uncharted Waters?, BIS Working Papers, No. 353, Sept.2011.
  • Borio C., [2011], Rediscovering the Roots of Financial Stability Policy: Journey, Challenges, and a Way Forward, BIS Working Papers, No. 354, Sept.2011.
  • Carney M.J., [2009], Commentary: Using Monetary Policy to Stabilize Economic Activity, [w:] Financial Stability and Macroeconomic Policy, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, 20-22 August 2009, Jackson Hole.
  • Changing Target, [2011], "The Economist", 27 August 2011.
  • Davies H., [2010], Comments on Ross Levine's Paper: "The Governance of Financial Regulation: Reform Lessons from the Recent Crisis, BIS Working Paper No. 329, Nov.2010.
  • De Carvalho Filho I., [2010], Inflation Targeting and the Crisis: An Empirical Assessment, IMF Working Paper WP/10/45.
  • De Carvalho Filho I., [2011], 28 Months Later: How Inflation Targeters Outperformed Their Peers in the Great Recession, "The B.E. Journal of Macroeconomics", No. 1, dostępny na stronie http://www.bepress.com/bejm/vol11/iss1/art22
  • Decressin J., Laxton D., [2009], Gauging Risks for Deflation, IMF Staff Position Note, SPN/09/01, 29 January 2009.
  • De Nicole G., Dell'Ariccia G., Laeven L., Valencia F., [2010], Monetary Policy and Bank Risk Taking, IMF Staff Position Note SPN/10/09, 27 July 2010.
  • Farmer R.E.A., [2010], How the Economy Works. Confidence, Crashes and Self-Fulfilling Prophecies, Oxford University Press, Oxford.
  • Fujita K., Habermeier K., Nier E., Roger S., Sacasa N., Stone M., Vlcek J., [2010], Central Banking Lessons, IMF Policy Paper, 27 May 2010.
  • Giavazzi F., Giovannini A., [2010], Central Banks and the Financial System, NBER Working Paper No. 16228, July 2010.
  • Greenspan A., [2010], The Crisis, "Brookings Papers on Economic Activity", No. 1.
  • Hall R.E., Mankiw G.N., [1994], Nominal Income Targeting, [w:] G.N. Mankiw (red.), Monetary Policy, University of Chicago Press, Chicago.
  • Issing O., [2011], Lessons for Monetary Policy: What Should the Consensus Be?, IMF Working Paper WP/11/97.
  • Issing O., [2012], Lessons for Monetary Policy, [w:] O. Blanchard, D. Romer, M. Spence, J. Stiglitz (red.), In the Wake of the Crisis. Leading Economists Reassess Economic Policy, The MIT Press.
  • Kahn G.A., [2009], Beyond Inflation Targeting: Should Central Banks Target the Price Level?, "Federal Reserve Bank of Kansas City Economic Review", No. 3, 2009.
  • McCallum B.T., [2011], Should Central Banks Raise Their Inflation Targets? Some Relevant Issues, "Federal Reserve Bank of Richmond Economic Quarterly", No. 2, 2011.
  • McCallum B.T., [2011], Nominal GDP Targeting, "Shadow Open Market Committee", 21 October 2011.
  • Mishkin F.S., [2011], Monetary Policy Strategy: Lessons from the Crisis, NBER Working Paper No. 16755, Feb.2011.
  • Reinhart C.M., Reinhart V., [2011], Pride Goes Before a Fall: Federal Reserve Policy and Asset Market, NBER Working Paper No. 16815, Feb.2011.
  • Shirakwa M., [2010], Future of Central Banks and Central Banking, "BIS Review", No. 72, 2010.
  • Smithers A., [2009], Wall Street Revalued. Imperfect Markets and Inept Central Bankers, Wiley, Chichester 2009.
  • Sumner S., [2011], Re-Targeting the Fed, "National Affairs", Fall (htpp://www.national affairs. com/publications/detail/re-targetingthe-fed).
  • Svensson L.E.O., [2010], Where Do Central Banks Go from Here?, Panel Discussion, Norges Bank Symposium on "What is a Useful Central Bank?", Oslo 18 November 2010.
  • Taylor J.B., [2009], Getting off Track, Hoover Press, Stanford.
  • Taylor J.B., [2010], Commentary: Monetary Policy After the Fall, [w:] Macroeconomic Challenges: The Decade Ahead, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, 26-28 August 2010, Jackson Hole.
  • Walsh C.E., [2009], Using Monetary Policy to Stabilize Economic Activity, [w:] Financial Stability and Macroeconomic Policy, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, 20-22 August 2009, Jackson Hole.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171218133

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.