Aktualne wyzwania stojące przed polityką pieniężną w globalnej gospodarce
Current Challenges Facing Monetary Policy in the Global Economy

Author(s): Wiesława Przybylska-Kapuścińska
Subject(s): National Economy, Supranational / Global Economy, Energy and Environmental Studies
Published by: Wydawnictwa Uniwersytetu Warszawskiego
Keywords: unconventional monetary policy instruments; new types of risk in monetary policy; climate risk; macroprudential policy
Summary/Abstract: At the end of the first decade of the 21st century, the functioning of monetary policy changed. After the onset of the global financial crisis, central banks started to use unconventional monetary policy tools, which led to unprecedented expansion of the bank balance sheets. In the following years, additional difficulties for monetary policy appeared, such as environmental issues, the migration crisis, the pandemic, the war in Ukraine, and their consequences for the global economy, as well as problems of energy security. This paper discusses these challenges to monetary policy and how they led to changes in the monetary policymaking.

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