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Banki centralne po kryzysie: czy konieczne są zmiany instytucjonalne w strategii bezpośredniego celu inflacyjnego?

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  • Wojtyna, Andrzej

Abstract

The article looks at whether and to what extent criticism is justified with regard to monetary policy in Poland in the context of the ongoing debate on the causes, course and implications of the global financial and economic crisis. Another aim is to determine to what extent the proposed adjustments in monetary policy concern the institutional aspect of the direct inflation targeting strategy. The author discusses proposals to increase the inflation target and replace the direct inflation targeting strategy with the so-called price-level targeting strategy or the nominal GDP targeting strategy. The general conclusion from the article is that, until broader dilemmas are resolved concerning the optimal role of supervisory, regulatory and macro-prudential functions in the institutional structure of the economy, any attempts at replacing the direct inflation targeting strategy with alternative strategies would be uncalled-for, the author says, regardless of the purported advantages of these alternative strategies highlighted by their advocates.

Suggested Citation

  • Wojtyna, Andrzej, 2012. "Banki centralne po kryzysie: czy konieczne są zmiany instytucjonalne w strategii bezpośredniego celu inflacyjnego?," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2012(7-8), August.
  • Handle: RePEc:ags:polgne:358629
    DOI: 10.22004/ag.econ.358629
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    References listed on IDEAS

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