Polityka pieniężna w obliczu deflacji

• Autorzy: Magdalena Musielak-Linkowska

Warianty tytułu

Monetary Policy in a Deflationary Environment

• Języki publikacji: PL

Abstrakty

Zapobieganie deflacji i zwalczanie jej stwarza pewne specyficzne problemy, które nie występują przy zapobieganiu i zwalczaniu inflacji. Zdaniem autorki jednak, przezwyciężenie deflacji należy uznać za możliwe przy zastosowaniu zarówno znanych, jak również niestandardowych instrumentów polityki pieniężnej i fiskalnej. Celem niniejszego opracowania jest wskazanie różnych metod i środków, do których mogą sięgać władze monetarne w celu zapobiegania wystąpieniu deflacji oraz w walce z już postępującym spadkiem ogólnego poziomu cen. (fragment tekstu)

EN

After an era of inflation, deflation is once again knocking on the door of central banks and finance ministries in the industrial countries. Deflation is defined as a sustained decline in the general price level of current goods and services, with emphasis on the word "general", by a rise in the value of money. Deflationary episodes have often been periods of recession or depression. Deflation is a result of poor macroeconomic management, lack of coordination of monetary and fiscal policy and in almost all cases unanticipated collapse of aggregate demand. Deflation great enough may result in the nominal interest rates declining to zero or very close to zero, what can create a significant problem for traditional monetary policy. Preventing or overcoming deflation poses some problems not present in preventing or combating inflation. But deflation can be prevented and cure, if it has taken hold, by coordinated actions by monetary and fiscal authority using conventional and nonstandard instruments. These include open market purchases of private, corporate and government securities, negative nominal interest rates (through a carry tax on currency), tax cuts shifting future private consumption to the present, monetary financing of government deficits and transfer payments. Deflation can be dangerous, but it can be avoided and can be solved. (original abstract)

Słowa kluczowe

PL

Deflacja; Polityka pieniężna; Inflacja; Stopa procentowa; Bezpośredni cel inflacyjny; Ceny; Płace

EN

Deflation; Monetary policy; Inflation; Interest rate; Inflation targeting; Prices; Wages

• Czasopismo: Zeszyty Naukowe / Akademia Ekonomiczna w Poznaniu
• Rocznik: 2007
• Numer: nr 80
• Strony: 36--48

Twórcy

autor

Magdalena Musielak-Linkowska

Bibliografia

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