Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia

ISSN: 2450-7741     eISSN: 2300-4460    OAI    DOI: 10.18276/frfu.2016.4.82/1-39
CC BY-SA   Open Access 

Issue archive / 4/2016
Nowe tendencje w polityce pieniężnej po kryzysie finansowym 2008–2012
(New Tendencies in Monetary Policy after The Financial Crisis 2008–2012)

Authors: Dariusz K. Rosati
Keywords: financial crisis QE helicopter money forward guidance policy of zero and negative nominal interest rates
Data publikacji całości:2016
Page range:30 (461-490)
Cited-by (Crossref) ?:

Abstract

Purpose – Synthetic discussion of these unconventional instruments, which were either used or were to be used in the monetary policy of selected central banks. Respectively will be discussed policy of zero and negative nominal interest rates, QE, helicopter money policy and the policy of forward guidance. Design/methodology/approach – Analysis of documents ECB, Eurostat and OECD databases and the Fed. Originality/value – Offer modifications to the strategy of direct inflation targeting.
Download file

Article file

Bibliography

1.Bean Ch., Paustian M., Penalver A., Taylor T. (2011). Monetary Policy After the Fall. W: Macroeconomic Challenges: The Decade Ahead (s. 267–328). A Symposium Sponsored by the Federal Reserve Bank of Kansas City. Jackson Hole. July.
2.Bernanke B.S. (2009). The Crisis and the Policy Response. Board of Governors of the Federal Reserve System. Pobrano z: http://www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm.
3.Bernanke B.S., Mishkin F.S. (1997). Inflation Targeting: A New Framework for Monetary Policy? National Bureau of Economic Research, Working Paper 5893.
4.Bernanke B.S., Gertler M. (2001). Should Central Banks Respond to Movements in Asset Prices. American Economic Review, 91 (2), 253–257.
5.Bernanke B.S., Laubach T., Mishkin F.S., Posen A.S. (1999). Inflation targeting. Lessons from International Experience. Princeton University Press.
6.Blanchard O.J., Dell’Ariccia G., Mauro P. (2010). Rethinking Macroeconomic Policy. IMF Staff Position Note, SPN/10/03. Washington D.C.
7.Blanchard O.J., Dell’Ariccia G., Mauro P. (2013). Rethinking Macroeconomic Policy. Getting Granular. IMF Staff Discussion Note, SDN/13/03.
8.Buiter W. (2008). Pobrano z: http://blogs.ft.com/maverecon/2008/12/quantitative-easing-and-qualitative-easing-aterminological-and-taxonomic-proposal/#axzz3Gn2czDrq.
9.Buiter W.H. (2014). The Simple Analytics of Helicopter Money: Why it Works – Always. Economics, 8, 1–53.
10.Buiter W.H., Panigirtzoglou N. (2003). Overcoming the Zero Bound on Nominal Interest Rates with negative Interest on Currency. Gesell’s Solution. The Economic Journal, 113 (490), 723–746.
11.Campbell J.R., Evans Ch.L., Fisher J.D.M., Justiniano, A. (2012). Macroeconomic Effects of Federal Reserve Forward Guidance. Brookings Papers on Economic Activity, Spring.
12.Carney M.J. (2009). Commentary: Using Monetary Policy to Stabilize Economic Activity. W: Financial Stability and Economic Policy. A Symposium Sponsored by the Federal Reserve Bank of Kansas City. Jackson Hole.
13.Chen H., Curdia V., Ferrero A. (2012). The Macroeconomic Effects of Large-Scale Asset Purchase Programs. The Federal Reserve Bank of San Francisco.
14.Claeys G., Alvaro L., Mandra A. (2015). European Central Bank Quantitative Easing: A Detailed Manual. Bruegel Policy Contribution, 01.
15.Davig T., Leeper E.M. (2007). Generalizing the Taylor Principle. American Economic Review, 97 (3), 607–635.
16.Draghi M. (2015). Introductory Statement to the Press Conference (with Q&A). Frankfurt am Main, 22 January. Pobrano z: http://www.ecb.europa.eu/press/pressconf/2015/html/is150122.en.html.
17.Galí J. (2013). Monetary Policy and Rational Asset Price Bubbles. CEPR Discussion Paper, DP9355.
18.Greenspan A. (1999). Testimony before the Committee on Banking and Financial Services. US House of Representatives.
19.Gros D. (2012). A Simple Model of Multiple Equilibria and Default. CEPS Working Document, 366.
20.Eggertsson G.B., Woodford M. (2003). The Zero Bound on Interest Rates and Optimal Monetary Policy. Brookings Papers on Economic Activity, 1, 139–211.
21.Friedman M. (1969). The Optimum Quantity of Money. Chicago: Chicago University Press.
22.Hall R.E. (2013). The Routes Into and Out of the Zero Lower Bound. Pobrano z: https://www.kansascityfed.org/publicat/sympos/2013/2013hall.pdf.
23.Hall R.E., Mankiw N.G. (1994). Nominal Income Targeting. NBER Working Paper, 4439.
24.Fujiki H., Okina K., Shiratsuka S. (2001). Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists. Monetary and Economic Studies. Bank of Japan’s Institute for Monetary and Economic Studies.
25.Issing O. (2011). Lessons for Monetary Policy. What Should the Consensus Be? IMF Working Paper, 11/97.
26.Kahn G.A. (2009). Beyond Inflation Targeting: Should Central Banks target the Price Level? Federal Reserve Bank of Kansas City Economic Review, 3.
27.Klyuev V., de Imus P., Srinivasan K. (2009). Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies. IMF Staff Position Note.
28.Krugman P.R. (1998). It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap. Brookings Papers on Economic Activity, 2, 137–187.
29.Marciniak Z. (2014). Niekonwencjonalna polityka pieniężna. W: G. Wojtkowska-Łodej, H. Bąk (red.), Wybrane aspekty funkcjonowania Polski w Unii Europejskiej. Warszawa: Oficyna Wydawnicza Szkoły Głównej Handlowej.
30.McCallum B.T. (2011a). Nominal GDP Targeting. Shadow Open Market Committee. October.
31.McCallum B.T. (2011b). Should Central Banks Raise their Inflation Targets? Some Relevant Issues. Federal Reserve Bank of Richmond Economic Quarterly, 2.
32.Rosati D.K. (2009). Przyczyny i mechanizm kryzysu finansowego w USA. Ekonomista, 3, 315–351.
33.Rosati D.K. (2016). Polityka gospodarcza. Wybrane zagadnienia. Warszawa: Oficyna Wydawnicza Szkoły Głównej Handlowej.
34.Rzońca A. (2014). Kryzys banków centralnych. Skutki stopy procentowej bliskiej zera. Warszawa: C.H. Beck.
35.Rzońca A., Ciżkowicz P. (2014). The Effects of Unconventional Monetary Policy: What Do Central Banks Not Include in their Models? mBank – CASE Seminar Proceedings, 131/2014.
36.Schmitt-Grohé S., Uribe M. (2012). The Case for Temporary Inflation in the Eurozone. CEPR Discussion Paper, 9133.
37.Sheedy K.D. (2014). Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting. Brookings Papers on Economic Activity, 301–361.
38.Summers L. (2016). The Age of Secular Stagnation: What It Is and What to Do About It. Foreign Affairs, February.
39.Sumner S.B. (2011). Re-Targeting the Fed. National Affairs, Fall.
40.Sumner S.B. (2014). Nominal GDP Targeting: A Simple Rule to Improve Fed Performance. Cato Journal, 34 (2).
41.Taylor J.B. (2000). Reassessing Discretionary Fiscal Policy. Journal of Economic Perspectives, 30 (3).
42.Werning I. (2011). Managing a Liquidity Trap: Monetary and Fiscal Policy. Working Paper. NBER Working Paper 17344.
43.Williams, J.C. (2014). Monetary Policy at the Zero Lower Bound. Putting Theory into Practice. Hutchins Centre on Fiscal & Monetary Policy at Brookings. January 16.
44.Wojtyna A. (2012). Banki centralne po kryzysie: czy konieczne są zmiany w strategii bezpośredniego celu inflacyjnego? Gospodarka Narodowa, 7–8, 45–65
45.Woodford M. (2012). Methods of Policy Accommodation at the Interest-Rate Lower Bound. The Federal Reserve Bank of Kansas City Symposium on The Changing Policy Landscape. Jackson Hole. Wyoming. August 31.