MONETARY POLICY AND GOODHART'S LAW (Polityka pieniezna a prawo Goodharta)

• Authors: Gotz-Kozierkiewicz Danuta
• Languages of publication: PL

Abstracts

EN

Realistically, monetary policy in the contemporary economy has been facing functioning of commercial banks inconsistent with the textbook model. According to the Goodhart's law, banks have been finding out the solutions effective to protect their income notwithstanding the intentions of the monetary authority. Such motivations have also been driving the increasing involvement of the banks in the use of i.a. fixed interest rate securities in management of bank assets and liabilities. This has been contributing to unpredictability of effects of the changes of the short-term interest rate of the central bank on the financial sector and real economy.

Keywords

EN

'POTENTIAL MONEY'; BANK RESERVES; FINANCIAL FLOWS; FINANCIAL STOCKS; FIXED INTEREST RATE SECURITIES; IS-LM MODEL; MARKET PRICE; MONETARY POLICY CHANNEL; MONEY DEMAND; RISK PERCEPTION; RISK PREMIUM

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Komitet Nauk Ekonomicznych PAN, Polskie Towarzystwo Ekonomiczne
• Journal: Ekonomista
• Year: 2010
• Issue: 2
• Pages: 163-174
• Document type: ARTICLE

Contributors

author

Gotz-Kozierkiewicz Danuta

• Danuta Gotz-Kozierkiewicz, Akademia Finansów, Instytut Zarzadzania Ryzykiem, ul. Modlinska 51, 03-199 Warszawa, Poland

Identifiers

CEJSH db identifier

10PLAAAA086323