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

Author

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  • Andrzej Wojtyna

Abstract

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.

Suggested Citation

  • Andrzej Wojtyna, 2012. "Banki centralne po kryzysie: czy konieczne są zmiany instytucjonalne w strategii bezpośredniego celu inflacyjnego?," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 7-8, pages 45-65.
    • Handle: RePEc:sgh:gosnar:y:2012:i:7-8:p:45-65
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    References listed on IDEAS

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    Cited by:

    1. Paweł Smaga, 2013. "Wpływ Europejskiej Rady Ryzyka Systemowego na stabilność finansową w UE," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 3, pages 5-35.

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    More about this item

    Keywords

    banki centralne; polityka pieniężna; strategia bezpośredniego celu inflacyjnego; kryzys finansowy;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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