Nowe wyzwania dla polityki pieniężnej. Czy wraca priorytet wzrostu gospodarczego?
New Challenges for Monetary Policy. Is Economic Growth Priority Coming Back?
Author(s): Jan Bednarczyk, Katarzyna Brzozowska-RupSubject(s): National Economy, Economic history, Economic policy, Economic development, Transformation Period (1990 - 2010), Present Times (2010 - today), Fiscal Politics / Budgeting
Published by: Instytut Nauk Ekonomicznych Polskiej Akademii Nauk
Keywords: inflation target; low inflation trap; non-decreasing economic growth rate of inflation (NDEGRI);
Summary/Abstract: The policy of low inflation rates implemented in highly developed countries in the 1990s failed to produce expected results, such as a satisfactory long-term pace of economic growth and avoidance of deeper and durable economic downturns. On the contrary, the countries which were most determined to stabilize prices (Japan, the Eurozone) experienced triggering of deflation-stagnation processes, the ultimate result of which, i.e. economic stagnation, is difficult to overcome. Comparative analysis of the developments in the world’s leading economies, including the countries which do not belong to the group of the most developed ones (China, India, Brazil, Mexico), indicates a possibility and necessity of implementation of an alternative strategy of economic policy based on promotion of real GDP growth while treating inflation as an important supplementary target.
Journal: Ekonomista
- Issue Year: 2018
- Issue No: 3
- Page Range: 275-300
- Page Count: 26
- Language: Polish
