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2007 | nr 80 | 36-48
Tytuł artykułu

Polityka pieniężna w obliczu deflacji

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)
Rocznik
Numer
Strony
36-48
Opis fizyczny
Bibliografia
  • Adam K., Billi R.M., Policy under Commitment with a Zero Bound on Nominal Interest Rates, ECB Working Paper 2004, nr 377.
  • Amirault D., O'Reilly B., The Zero Bound on Nominal Interest Rates: How Important Is It? Bank of Canada Working Paper 2001, nr 6.
  • Bernanke B., Deflation: Making Sure "It" Doesn't Happen Here, Speech before National Economists Club, Washington, 2001, http.//www.federalreserve.gov/boardDocs/speeches/2002/20021121/default.htm, s. 2.
  • Bernanke B., Reinhard V., Sack B., Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment, FED Finance and Economics Discussion Series 2004, nr 48, s. 5-59.
  • Bewley T.F., Why Wages don't Fall During a Recession, Harvard University Press, Cambridge 1999.
  • Buiter W., Deflation: Prevention and Cure, NBER Working Paper 2003, nr 9623, s. 1-8, 55.
  • Clouse J., Henderson D., Orphanides A., Small D., Tinsley P., Monetary Policy when the Nominal Short-Term Interest Rate is Zero, FED Finance and Economics Discussion Series 2000, nr 51, s. 22-67.
  • Feldstein M., Deflation, Presentation at the Central Bankers dinner in Mexico City, 2002, http://www.bis.org/review/r021128e.pdf, s. 2-4, 43.
  • Feldstein M., The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment, NBER Working Paper 2002, nr 9203, s. 4-6.
  • Hunt B., Laxton D., The Zero Interest Rate Floor (ZIF) and Its Implications for Monetary Policy in Japan, IMF Working Paper 2001, nr 186.
  • McCallum B.T., Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates, Journal of Money, Credit and Banking 2000, vol. 32, nr 4.
  • Nickell S., Quintini G., Nominal Wage Rigidity and the Rate of Inflation, w: The Economic Journal 2003, vol. 113, s. 762.
  • Orphanides A., Wieland V., Price Stability and Monetary Policy Effectiveness When Nominal Interest Rates are Bounded at Zero, FED Finance and Economic Discussion Series 1998, nr 35.
  • Reifschneider D., Williams J.C., Three Lessons for Monetary Policy in a Low Inflation Era, FED Finance and Economic Discussion Series 1999, nr 44.
  • Svensson L.E.O., How Should Monetary Policy Be Conducted in an Era of Price Stability? Institute for International Economic Studies Seminar Paper 1999, nr 680, s. 27-28.
  • Taylor J.B., Low Inflation, Deflation, and Policies for Future Price Stability, Monetary and Economic Studies (Special Edition), 2001, s. 46-47.
  • Yates T., Monetary Policy under the Zero Bound to Interest Rates: A Review, ECB Working Paper 2002, nr 190.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171222725
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