PL EN


2015 | 2(938) | 87-100
Article title

Forward guidance jako narzędzie polityki pieniężnej w sytuacji stopy procentowej zbliżonej do zera

Title variants
EN
Forward Guidance as a Monetary Policy Tool at the Zero Lower Boundary
Languages of publication
PL
Abstracts
PL
Ostatni kryzys finansowy oprócz negatywnych skutków gospodarczych przyniósł także liczne zmiany instytucjonalne. Nie ominęły one również niezwykle istotnej części polityki finansowej państwa, jaką jest polityka pieniężna. W sytuacji stóp procentowych zbliżonych do minimalnych poziomów banki centralne zaczęły poszukiwać nowych narzędzi prowadzenia polityki monetarnej. W artykule przedstawiono jedno z takich narzędzi, to jest forward guidance, jego teoretyczne podstawy funkcjonowania oraz charakterystykę. Artykuł zawiera także informacje na temat wykorzystania forward guidance w okresie kryzysu finansowego oraz analizę wyników badań empirycznych dotyczących efektów jego stosowania. Szczególną uwagę zwrócono na sposób implementacji forward guidance przez System Rezerwy Federalnej USA.
EN
Beyond the negative economic consequences it brought about, the current financial crisis has also contributed to a number of institutional changes. This evolution in the institutional framework has also appeared in monetary policy. With interest rates nearing their lower boundary, central banks have started to use unconventional monetary policy tools. One such tool is introduced in this article, which provides the theoretical background and features of forward guidance. The article contains information about the usage of forward guidance during the financial crisis. In this context, forward guidance is presented based on the experience of the Federal Reserve.
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Document Type
Publication order reference
YADDA identifier
bwmeta1.element.desklight-4cd749a3-865e-4676-b192-cc43a447b71a
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