Proponowane modyfikacje strategii bezpośredniego celu inflacyjnego w świetle doświadczeń kryzysu finansowego
The proposed modifications of the inflation targeting strategy in the light of financial crisis experiences

Summary/Abstract: The aim of this paper is the presentation and critical assessment of influence of financial crisis experiences on views concerning both theoretical and institutional framework of inflation targeting (IT). The main theses of pre-financial crisis consensus on optimal monetary policy are presented and, in the light of these, the main proposals concerning the possible modifications of IT, put forward since the beginning of the crisis, are assessed. The proposals concern the role of financial stability in the conduct of monetary policy, optimal nominal value of inflation target, transparency and independence of monetary policy, degree of elasticity of IT. As the IT remains the dominant monetary policy strategy, eventual changes would result in considerable shift in monetary and financial stability on the global scale.

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