BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Wajda-Lichy Marta (Kolegium Ekonomii, Finansów i Prawa)
Title
Kurs walutowy w regułach polityki monetarnej
The Exchange Rate in Monetary Policy Rules
Source
Zeszyty Naukowe / Uniwersytet Ekonomiczny w Krakowie, 2007, nr 758, s. 23-33, bibliogr. 20 poz.
Keyword
Kurs walutowy, Polityka pieniężna, Banki centralne
Exchange rates, Monetary policy, Central banks
Note
summ.
Abstract
Na podstawie przeglądu literatury przedmiotu przedstawiono główne dylematy związane z wykorzystaniem kursu walutowego w działaniach Banku Centralnego. Główna część pracy dotyczy uwzględnienia kursu walutowego w regułach polityki pieniężnej.

In this article, the author discusses the role of the exchange rate in monetary rules. The first section presents the dilemmas associated with the monetary authorities taking into account the exchange rate in their operations. This problem touches on the fundamental issue as to whether the exchange rate should constitute a discretionary tool of the central bank or should be part of the rules imposed on monetary policy. This issue refers to two opposing attributes of exchange rates. On the one hand, they are an important indicator of the economic situation and act as automatic stabilisers. On the other hand, however, they may be a source of unexpected shocks to the economy. The author also describes the role of exchange rates based on the simple Taylor's rule. The majority of empirical studies show that central banks consider exchange rates in the decision-making process, albeit not in the form of an official declaration of action based on the rule that uses exchange rate fluctuations to set interest rates, but through so-called "constrained discretion".(original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Full text
Show
Bibliography
Show
  1. Ball L. [1997], Efficient Rules for Monetary Policy, „NBER Working Paper”, nr 5952.
  2. Ball L. [1999], Policy Rules for Monetary Policy [w:| Monetary Policy Rules, red. J.B. Taylor, University Chicago Press, Chicago, Illinois.
  3. Batini N., Nelson E. [2000], Optimal Horisons for Inflation Targeting, „Bank of England Working Paper”, nr 119.
  4. Benigno G., Benigno P. [2000], Monetary Policy Rules and the Exchange Rates, „Working Paper”, Princeton University, May.
  5. Blinder A.S. [2001], Bankowość centralna w teorii i praktyce, CeDeWu, Warszawa.
  6. Chadha J.S., Sarno L., Valente G. [2004], Monetary Policy Rules, Assets Prices and Exchange Rates, „IMF Staff Papers”, nr 3.
  7. Clarida R., Gali J., Gertker M. [1998], Monetary Policy Rules in Practice. Some International Evidence, „European Economic Review”, nr 42.
  8. Eichengreen B., Masson P. [1998], Transition Strategies and Nominal Anchors on the Road to Greater Exchange Rate Flexibility, „Princeton Essays in International Economics”, nr 213, Princeton University.
  9. Gali J., Monacielli T. [1999], Optimal Monetary Policy and the Exchange Rate Volatility in a Small Open Economy, Department of Economics, New York University, November.
  10. Inflation Targeting [1999], B.S. Bernanke, T. Laubach, F.S. Mishkin, A.S. Posen, Princeton University Press, Princeton.
  11. Krugman P. [1987], Pricing to Market When the Exchange Rate Changes [w:] Real Financial Linkages Among Open Economies, red. S. Arndt, J. Richardson, The MIT Press, Cambridge.
  12. Leitemo K., Söderström U. [2001], Simple Monetary Policy Rules and Exchange Rate Uncertainty, Research Department, Norges Bank, June.
  13. Monetary Policy Rules [1999], red. J.B. Taylor, University Chicago Press, Chicago, Illinois.
  14. Nelson E. [2000], UK Monetary Policy 1972-1997; a Guide Using Taylor Rule, Bank of England WP, London.
  15. Obstfeld M., Rogoff K. [1995], Mirage of Fixed Exchange Rates, „Journal of Economic Perspectives”, nr 4.
  16. Obslfeld M., Rogoff K. [2000], New Discretions for Stochastic Open Economy Models, „Journal of International Economics”, nr 50.
  17. Svensson L. E. [2000], Open Economy Inflation Targeting, „Journal of International Economy”, nr 50.
  18. Taylor J.B. [1993], Discretion versus Policy Rules in Practice, Carnegie-Rochester Con ference Series on Public Policy, vol. 39.
  19. Taylor J. [1995], The Monetary Transmission Mechanism. An Empirical Framework, „Journal of Economic Perspectives”, nr 4.
  20. Taylor J.B. [2000], The Role of Exchange Rate in Monetary Policy Rules, mimeo Stanford University, Stanford, California.
Cited by
Show
ISSN
1898-6447
Language
pol
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu