Debata "reguły vs działania dyskrecjonalne" - nowe wyzwania dla polityki monetarnej w świetle obecnego kryzysu

Czasopismo

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• Autorzy: Adam Twardosz

Warianty tytułu

Debate on Rules versus Discretionary Activities. New Challenges for Monetary Policy in the light of the Present Crisis

• Języki publikacji: PL

Abstrakty

Niniejszy artykuł jest streszczeniem debaty toczonej pomiędzy zwolennikami a przeciwnikami stosowania reguł do prowadzenia polityki monetarnej. W sposób syntetyczny przedstawia wady i zalety tego rozwiązania, charakteryzuje oczekiwane cechy dobrej reguły oraz szerzej omawia problem uwzględniania cen aktywów w funkcji reakcji banku centralnego, który wdobie obecnych zawirowań jeszcze bardziej zyskał na aktualności. Z przytoczonych badań empirycznych oraz prowadzonych studiów przypadku (niestety nieomawianych w artykule ze względu na jego ograniczoność) wydaje się jednak bardziej zasadne stosowanie rozwiązań opisywanych szerzej w ramach polityki makroostrożnościowej niż wywieranie wpływu na ceny aktywów za pomocą stóp procentowych. (abstrakt oryginalny)

EN

The present article summarises the debate between followers and opponents of rules introduced to the monetary policy pursuit. It synthetically presents the advantages and disadvantages of this solution, characterises expected features of a good rule and comprehensively discusses the problem of accounting for asset prices in the function of reaction of the central bank, which in the time of current turbulences has become even more topical. The empirical research quoted in the article and case studies which are not discussed due to its limitations suggest that it is more legitimate to apply solutions described more broadly within the macro-prudential regulation than to exert an impact on asset prices through interest rates. (original abstract)

Słowa kluczowe

PL

Pieniądz; Polityka

EN

Money; Politics

• Czasopismo: ---
• Strony: 43--63

Twórcy

autor

Adam Twardosz

• Uniwersytet Ekonomiczny w Krakowie, doktorant

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