Warianty tytułu
Financial Asset Prices and Monetary Policy Inflation Targets
Języki publikacji
Abstrakty
Przedstawiono rolę aktywów na rynku finansowym w mechanizmie transmisyjnym polityki monetarnej. Omówiono wzrost cen aktywów oraz zwrócono uwagę na problem wahania cen aktywów będący wyzwaniem dla polityki monetarnej.
The purpose of this article is to examine monetary policy strategy based on direct inflation targets in the context of the dangers of price fluctuation on financial asset markets. In the first part of the article, the author presents the transmission mechanism of monetary policy and the main channels through which financial asset prices affect the economy. The second part of the article discusses speculative price increases, both on the real estate and the securities markets, and the author cites specific cases from the 1990s (Japan). In the last part, the author reviews the main areas of dispute related to the stabilization of financial asset prices by the central bank. The author presents the arguments of both supporters and opponents of the bank's reactions to changes in the prices of these assets. (original abstract)
Rocznik
Numer
Strony
5--18
Opis fizyczny
Twórcy
autor
Bibliografia
- Bean Ch., Asset Prices, Financial Imbalancies And Monetary Policy: are Inflation Targets Enough? BIS Working Papers 2003, nr 140.
- Bernanke B.S., Gertler M., Should Central Banks Respond to Movements in Asset Prices? „American Economic Review" 2001, nr 2.
- Bernanke B.S., Laubach T., Mishkin ES., Posen A.S., Inflation Targeting. Lesssons from International Expérience, Princeton University Press, Princeton 1999.
- Case K.E., Shiller R.J., Is There a Bubble in the Housing Market? Brookings Papers on Economic Activity, 2003, nr 2.
- Chirinko R.S., Q [w:] New Palgrave Dictionary of Money and Finance, t. III, Macmillan, London 1992.
- Deflation Determinants. Risk and Policy Options, Kumar M.S., Baig T., Dccressin J., Fauikner-MacDonagh Ch., Feyzioglu T., IMF, Washington DC 2003.
- Eschenbach F., Schuknecht L., Budgetory Risks from Real Estate and Stock Markets, Economic Policy, July, 2004.
- Filardo A., Monetary Policy and Asset Price Bubbles: Calibrating the Monetary Policy Trade-offs, BIS Working Papers 2003, nr 140.
- Goodhart Ch., What Weights Should be Given to Asset Prices in the Measurement of Inflation, „The Economic Journal" 2001, nr 111.
- Krugman P., The Return of Depression Economics, W.W. Norton and Company, New York 1999.
- Kuttner K.N., Mosser P.C., The Monetary Transmission Mechanism: Some Answers and Further Questions, FRBNY Economic Policy Review, 2002, nr 1.
- LeRoy S.F., Guiles Ch., New Palgrave Dictionary of Money and Finance, L III Macmillan, London 1992.
- Mishkin F.S.. Ekonomika pieniądza, bankowości i rynków finansowych, Wydawnictwo Naukowe PWN, Warszawa 2002.
- Palley T., Asset Price Bubbles and the Case for Asset - Based Reserve Requirements, „Challenge" 2003, nr 3.
- Rybinski K., Przyczyny i mechanizmy kryzysów walutowych - lekcje dla Polski, PWE, Warszawa 1998.
- Schaal P., Pieniądz, i polityka monetarna, PWE, Warszawa 1996.
- Sellon G.H., The Changing Us Financial System: Some Implications for the Monetary Transmission Mechanism, „FRB of Kansas City Economic Review" 2002, nr 1.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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