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Wajda-Lichy Marta (Kolegium Ekonomii, Finansów i Prawa)
Kurs walutowy w regułach polityki monetarnej
The Exchange Rate in Monetary Policy Rules
Zeszyty Naukowe / Uniwersytet Ekonomiczny w Krakowie, 2007, nr 758, s. 23-33, bibliogr. 20 poz.
Kurs walutowy, Polityka pieniężna, Banki centralne
Exchange rates, Monetary policy, Central banks
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)
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