Polityka bilansu banku centralnego a kurs walutowy
Central Bank Balance Sheet Policy and the Exchange Rate

Summary/Abstract: The financial crisis that began on the American real estate market has resulted in significant changes in monetary policy, one of the most important of which is policy governing central bank balance sheets, in which the exchange rate plays an important role. The article presents a classification of central bank balance sheet policy, considering the significance of the exchange rate in the various forms of this policy. The study includes an overview of the literature analysing the role attributed to the exchange rate in conducting monetary policy based on shaping the size and structure of the balance sheet. It also presents the issues of channels through which balance sheet policy comes over to affect the exchange rate.

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