Powojenna ewolucja polityki stabilizowania koniunktury

• Autorzy: Marek Lubiński

Warianty tytułu

The Evolution of Postwar Stabilization Policy

• Języki publikacji: PL

Abstrakty

Celem opracowania jest przedstawienie dyskusji na temat polityki stabilizacyjnej jaka toczyła się w okresie poprzedzającym, a następnie już w czasie Wielkiej Recesji. W okresie poprzedzającym rozwój makroekonomii doprowadził do degradacji polityki fiskalnej i awansu polityki monetarnej. Zapanowała powszechna zgoda, że przeciwcykliczna dyskrecjonalna polityka fiskalna nie tylko nie przyczynia się do stabilizowania gospodarki, ale w pewnych sytuacjach może być wręcz destabilizująca. Niezależnie od tej zgody w obliczu Wielkiej Recesji doszło do dramatycznego wzrostu zainteresowania dyskrecjonalną polityką fiskalną. Wielka Recesja wyzwoliła reakcj ę polityki fiskalnej. Polityka fiskalna stała się narzędziem stymulowania gospodarki w warunkach niskiego popytu i niewysokich stóp procentowych oraz zagrożenia spadkiem cen. Kluczowym elementem polityki fiskalnej w okresie kryzysu finansowego było masowe wsparcie udzielone sektorowi finansowemu. W obliczu ostatniego kryzysu finansowego banki centralne odwołały się polityki niekonwencjonalnej. Sukcesy w zwalczaniu inflacji i w konsekwencji obniżenie przeciętnego poziomu nominalnych stóp procentowych zwiększyło prawdopodobieństwo sprowadzenia ich do zera. Jeżeli już do tego dojdzie banki nie będą mogły dłużej stymulować agregatowego popytu przez dalsze obniżanie stóp procentowych i muszą polegać na niestandardowych działaniach. Takie działania wymagaj ą wykorzystania dodatkowych instrumentów wychodzących poza tradycyjne narzędzia polityki monetarnej. Cele takich działań były zróżnicowane między krajami i służyły one między innymi dodatkowemu stymulowaniu gospodarki, wsparciu funkcjonowania rynku i oddziaływaniu na transgraniczne przepływy kapitału. (abstrakt oryginalny)

EN

The aim of this paper is to review discussion on stabilization policy before and during Great Recession. Developments in macroeconomics downgraded the role of fiscal policy and upgraded that of monetary policy. There was widespread agreement that discretionary "counter-cyclical" fiscal policy has not contributed to economic stability and may have actually been destabilizing. Despite this widespread agreement, there has recently been a dramatic revival of interest in discretionary fiscal policy. The "Great Recession," triggered a large-scale fiscal policy response. Discretionary fiscal policy provides a way to stimulate the economy when aggregate demand and interest rates are low and when prices are falling or may soon be falling. A key dimension of fiscal policy during the financial crisis was massive support for the banking system. In the face of the recent financial crisis, central banks introduced unconventional policy. The success in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. Such actions attempt to exploit additional instruments of central bank policy that go beyond the traditional monetary policy instrument. The objectives of these measures have varied across countries: offering additional stimulus to the economy; supporting market functioning; and managing cross-border capital flows. (original abstract)

Słowa kluczowe

PL

Polityka fiskalna; Wspólna Polityka Monetarna; Polityka stabilizacyjna; Recesja gospodarcza

EN

Fiscal policy; Common Monetary Policy; Stabilisation policy; Economic recession

• Czasopismo: Prace i Materiały Instytutu Rozwoju Gospodarczego / Szkoła Główna Handlowa
• Rocznik: 2017
• Numer: nr 99 Perspektywy polityki gospodarczej
• Strony: 9-41

Twórcy

autor

Marek Lubiński

• Szkoła Główna Handlowa w Warszawie

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