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Ewolucja pogladow Miltona Friedmana, a ocena polityki pienieznej Fed i EBC w okresie kryzysu finansowego

Author

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  • Maciej Ryczkowski

    (Nicolaus Copernicus University, Poland)

Abstract

Z biegiem czasu wiele kluczowych pogladow Miltona Friedmana (1912-2006) uleglo zmianie. Wiele z tych aktualnych pogladow nie jest powszechnie znanych. Czesciowa tego przyczyna jest brak wydania przez Friedmana jakiegokolwiek szczegolowego zestawienia rozwoju polityki monetarnej po 1960 roku. Kolejne publikacje autorstwa jego i Schwartz nie byly kontynuacja ich historycznych analiz. Nie istnieje zatem od tego czasu jedno, pojedyncze zrodlo przedstawiajace w usystematyzowany sposob poglady monetarysty na temat polityki pienieznej. Celem artykulu jest wyszczegolnienie zmian, jakie sie dokonaly w pogladach Miltona Friedmana na role pieniadza i polityke pieniezna w ostatnich latach jego zycia, a nastepnie proba oceny niekonwencjonalnych dzialan podjetych przez System Rezerwy Federalnej i Europejski Bank Centralny w odpowiedzi na swiatowy kryzys finansowy w kontekscie najnowszych zalecen monetarysty. Proba oceny tych wysoce niekonwencjonalnych dzialan o niespotykanej skali z perspektywy jego ostatnich pogladow jest niewatpliwie trudna, jednakze moze byc pomocna w ustalaniu roli agregatow pienieznych we wspolczesnej polityce monetarnej. Z przedstawionych rozwazan wynika, ze Friedman prawdopodobnie w znacznej mierze nie pochwalalby rozwiazan wdrozonych przez System Rezerwy Federalnej i Europejski Bank Centralny do walki z kryzysem po 2007 roku.

Suggested Citation

  • Maciej Ryczkowski, 2015. "Ewolucja pogladow Miltona Friedmana, a ocena polityki pienieznej Fed i EBC w okresie kryzysu finansowego," Working Papers 168/2015, Institute of Economic Research, revised Dec 2015.
    • Handle: RePEc:pes:wpaper:2015:no168
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    References listed on IDEAS

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    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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