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Central Banks: Hesitant Guardians of Equilibrium

Author

Listed:
  • Jerzy Hausner

    (Cracow University of Economics)

  • Andrzej Sławiński

    (Warsaw School of Economics)

Abstract

In our paper we focus on situations when central banks have to conduct monetary policy in a world in which they cannot rely fully on what is regarded the best practice and they have to cope with financial system inherent tendency to be unstable. Both phenomena are rooted in János Kornai’s intellectual heritage highlighting that economy tends to divert from equilibrium and that soft budget constraint erodes economic actors’ behavior.

Suggested Citation

  • Jerzy Hausner & Andrzej Sławiński, 2018. "Central Banks: Hesitant Guardians of Equilibrium," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 68(supplemen), pages 125-139, January.
    • Handle: RePEc:aka:aoecon:v:68:y:2018:i:supplement1:p:125-139
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    More about this item

    Keywords

    monetary policy; financial stability; equilibrium;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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