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Flexible approach in monetary policy during instability of the markets. Quantitative Easing Policy (Elastyczne podejscie w polityce pienieznej w czasach niestabilnosci rynkow. Polityka quantitative easing)

Author

Listed:
  • Katarzyna Nagraba

    (Kolegium Nauk o Przedsiebiorstwie Szkoly Glownej Handlowej w Warszawie)

Abstract

Monetary policy is an important pillar of the economy and it affects the development of each country indirectly. Depending on the strategy which is implemented, it can either stimulate the economy or slow down its growth. The aim of this study was to present a new approach in monetary policy, which has become extremely popular in the United States during the financial crisis. As the interest rates were very low and the monetary policy couldn’t use its basic tool to stimulate the economy, the quantitative easing policy has been implemented. As the article intends to present the most actual information about quantitative easing policy, among the sources there are both books, articles, press release and Internet pages (e.g. official internet pages for central banks). The implemented in monetary policy method brought the expected results, although its detailed, longterm outcome should be visible in the fallowing months. As a result of implementing the Quantitative easing in the United States the improvement in GDP has been observed. At the same time, however, increased inflation and increased unemployment has been reported.

Suggested Citation

  • Katarzyna Nagraba, 2012. "Flexible approach in monetary policy during instability of the markets. Quantitative Easing Policy (Elastyczne podejscie w polityce pienieznej w czasach niestabilnosci rynkow. Polityka quantitative easing)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 10(39), pages 64-76.
    • Handle: RePEc:sgm:pzwzuw:v:10:i:39:y:2012:p:64-76
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    References listed on IDEAS

    as
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    3. John B. Taylor & John C. Williams, 2009. "A black swan in the money market," Proceedings, Federal Reserve Bank of San Francisco, issue jan.
    4. Alan S. Blinder, 2010. "Quantitative easing: entrance and exit strategies," Review, Federal Reserve Bank of St. Louis, vol. 92(Nov), pages 465-480.
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    6. Fujiki, Hiroshi & Okina, Kunio & Shiratsuka, Shigenori, 2001. "Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 19(1), pages 89-130, February.
    7. Alan S. Blinder, 2010. "Quantitative easing: entrance and exit strategies," Review, Federal Reserve Bank of St. Louis, vol. 92(Nov), pages 465-480.
    8. Markus Hoermann & Andreas Schabert, 2011. "When is Quantitative Easing effective?," Tinbergen Institute Discussion Papers 11-001/2/DSF 6, Tinbergen Institute.
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