Ewolucja poglądów Miltona Friedmana a polityka pieniężna Fed i EBC w okresie kryzysu finansowego

• Authors: Ryczkowski Maciej

Title variants

EN

The Evolution of Milton Friedman’s Views and Monetary Policies Performed by Fed and ECB during the Financial Crisis

RU

Взгляды Мильтона Фридмана и денежная политика Fed и ECB в период финансового кризиса

• Languages of publication: PL

Abstracts

PL

Celem artykułu jest wyszczególnienie zmian, jakie się dokonały w poglądach Miltona Friedmana na rolę pieniądza i politykę pieniężną w ostatnich latach jego życia, a następnie próba oceny działań podjętych przez System Rezerwy Federalnej i Europejski Bank Centralny w odpowiedzi na światowy kryzys finansowy w kontekście zaleceń monetarysty. Ocena tych wysoce niekonwencjonalnych działań o niespotykanej skali z perspektywy poglądów Friedmana jest niewątpliwie trudna, jednakże może być pomocna w ustalaniu roli agregatów pieniężnych we współczesnej polityce monetarnej. Z przedstawionych rozważań wynika, że rozwiązania wdrożone przez SRF i EBC do walki z kryzysem po 2007 r. pod wieloma względami nie są zgodne z postulatami Friedmana i dlatego prawdopodobnie w znacznej mierze nie zyskałyby one przychylnych opinii tego monetarysty.

EN

The aim of the paper is to show changes in Milton Friedman’s views on the role of money and monetary policy towards the end of his life, and an attempt at the evaluation of the actions taken by the Federal Reserve System and European Central Bank as a response to the global financial crisis in the context of the monetarist’s recommendations. Undoubtedly it is difficult to assess the highly unconventional measures applied by these institutions on an unprecedented scale from the perspective of Friedman’s views, but such an attempt may be helpful in defining the role of monetary aggregates in a modern monetary policy. The discussion included in the paper suggests that the measures taken by FRS and ECB after 2007, in order to counteract the crisis, were not consistent with Friedman’s views, and most probably, they would not be favourably received by the monetarist.

RU

В статье прослеживаются изменения взглядов Мильтона Фридмана на роль денег и де- нежную политику в последние годы его жизни, а затем делается попытка оценки дей- ствий, предпринятых Федеральной резервной системой и Европейским центральным банком в ответ на мировой финансовый кризис в контексте рекомендаций монетариста. Автор делает вывод, что решения, внедренные Резервным фондом и Европейским цен- тральным банком в борьбе с кризисом после 2007 года во многих аспектах не соответ- ствует постулатам Фридмана и поэтому, вероятно, в значительной мере не получили бы благожелательной оценки этого монетариста.

Keywords

EN

Milton Friedman; anti-crisis policy; money supply contort; loose monetary policy

• Publisher: Komitet Nauk Ekonomicznych PAN, Polskie Towarzystwo Ekonomiczne
• Journal: Ekonomista
• Year: 2016
• Issue: 6
• Pages: 823-852

Contributors

author

Ryczkowski Maciej

• Dr Maciej Ryczkowski – Wydział Nauk Ekonomicznych i Zarządzania, Uniwersytet Mikołaja Kopernika w Toruniu

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