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2014 | 56 nr 5 Polityka pieniężna wobec wyzwań współczesnych gospodarek | 13--28
Tytuł artykułu

Price level targeting: reżim na skraju teorii i eksperymentu

Autorzy
Warianty tytułu
Price Level Targeting Strategy: on the Edge of Theory and Experiment
Języki publikacji
PL
Abstrakty
Strategia price level targeting (PLT) została wdrożona w Szwecji w latach 1931-1937. Od lat 90. XX w. w polityce monetarnej dominuje reżim bezpośredniego celu inflacyjnego. Po kryzysie finansowym do głosu doszły zarzuty i wątpliwości dotyczące dalszej realizacji tej strategii. Rozpoczęto rozmowy nad alternatywnymi strategiami celu. Bank Centralny Kanady od 2006 r. prowadzi badania nad możliwościami i kosztami wdrożenia strategii PLT. Artykuł przedstawia podsumowanie dotychczasowych doświadczeń dotyczących wprowadzania strategii PLT.(abstrakt oryginalny)
EN
The price level targeting strategy was implemented in Sweden in the years 1931-1937. Since the 1990s, the monetary policy regime have been dominated by inflation targeting. After the financial crisis, objections or concerns regarding the further implementation of this strategy came to light. Discussions have pointed to several alternative strategies. Since 2006, the Central Bank of Canada has conducted research on the possibilities and costs associated with the implementation of the PLT strategy. This article presents a summary of the experiences with the above-mentioned strategy.(original abstract)
Twórcy
  • Uniwersytet Ekonomiczny w Poznaniu
Bibliografia
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  • Amano R., Eangle-Warnick J., Shukayev M., Price-Level Targeting and Inflation Expectations: Experimental Evidence, Bank of Canada Working Paper 2011-18, Bank of Canada, Ottawa 2011.
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  • Masson P.R., Shukayev M., Are Bygones not Bygones? Modelling Price-Level Targeting with Escape Clause and Lessons from the Gold Standard, Bank of Canada Working Paper 2008-27, Bank of Canada, Ottawa 2008.
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  • Smets F., Financial stability and monetary policy: How closely interlinked?, konferencja "Two decades of inflation targeting: mail lessons and remaining challenges", Sveriges Riksbank, 3 czerwca 2013.
  • Svensson L.E.O., Price Level Targeting vs Inflation Targeting: A Free Launch?, NBER Working Paper Series 5719, Cambridge 1996.
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Typ dokumentu
Bibliografia
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