Elementy niekonwencjonalnej polityki pieniężnej Europejskiego Banku Centralnego

• Authors: Raczko Andrzej

Title variants

EN

Elements of unconventional monetary policy at the European Central Bank

• Languages of publication: PL EN

Abstracts

PL

Niekonwencjonalność polityki pieniężnej może być rozpatrywana w zależności od systemu, w jakim jest ona prowadzona. Mówienie o niekonwencjonalności polityki pieniężnej ma sens w odniesieniu do systemów, które uznają stabilność cen za priorytet, a czynniki kształtujące popyt na pieniądz za instrumenty tej polityki. W niniejszym artykule: po pierwsze, wyodrębniono zbiór wspólnych elementów polityki pieniężnej stosowanych w różnych krajach, które można uznać za czynniki wyznaczające jej konwencjonalność. Po drugie, została dokonana analiza elementów, które wprowadzają cechy niekonwencjonalności. Po trzecie, pokazane są skutki różnych form niekonwencjonalności polityki pieniężnej w odniesieniu do jej efektywności oraz możliwości powrotu do polityki konwencjonalnej. Ostatnia część poświęcona jest skutkom wyboru określonej formy niekonwencjonalności przez EBC.

EN

The unconventionality of monetary policy can be considered depending on the system in which it is functioning. Talking about unconventionality monetary policy makes sense for systems that recognize price stability, priority, and factors shaping demand for money for instruments of this policy. In this article: firstely a set of common elements of monetary policy applied in different countries was distinguished, which can be considered as factors that determined its conventionality. Secondely, the elements responsible for the introduction the unconventionality are analyzed. Thirdly, the effects of the different forms of political unconventionality in relation to its effectiveness and the possibility of returning to politics conventional is analyzed. The last part is devoted the results of choosing a particular form unconventionality by the ECB.

Keywords

PL

Europejski Bank Centralny; niekonwencjonalna polityka pieniężna

EN

European Central Bank; unconventional monetary policy; monetary policy

• Publisher: Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
• Journal: Studia i Materiały
• Year: 2017
• Issue: 2/2017 (25), cz.2
• Pages: 74-83

Dates

published

2017-12-12

Contributors

author

Raczko Andrzej

• Narodowy Bank Polski

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Identifiers

ISSN

1733-9758

DOI

10.7172/1733-9758.2017.25.8