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Spór o stabilność cen w strefie euro
The Controversy about the Evaluation of the Definition Price Stability in the Euro Area
Zeszyty Naukowe / Akademia Ekonomiczna w Poznaniu, 2005, nr 59, s. 58-70
Słowa kluczowe
Ceny, Euro, Inflacja, Zharmonizowany wskaźnik cen konsumpcyjnych
Prices, Euro, Inflation, Harmonised Index of Consumer Prices (HICP)
Celem artykułu jest przedstawienie uzasadnienia wyboru stabilnego poziomu cen w strefie euro, jako niskiej pozytywnej stopy inflacji i jego ocena. W artykule przedstawiono cel stabilności cen w interpretacji Europejskiego Banku Centralnego.

The aim of this paper is presentation of the controversy about the evaluation of the definition of price stability. The Treaty establishing the European Community assigns to the European Central Bank (ECB) the primary and overriding objective maintaining price stability in the euro area. In October 1998 the Governing Council of the ECB announced its quantitative definition of price stability as key element of its monetary policy strategy. By referring to "an increase in the HICP of below 2%", the definition of price stability makes clear that both inflation and deflation are incompatible with price stability. In its announcement of 8 May 2003, the ECB's Governing Council confirmed its definition of price stability. At the same time, it made clear that, within the definition, it aims to maintain inflation rates "close to 2% over the medium term". With this clarification the Governing Council underlined that this focus of monetary policy, i.e. below, but close to, the upper bound of the definition, "provides a safety margin to guard against the risk of deflation". Choosing a quantitative specification of the objective to be pursued by the central bank over the medium term requires striking a balance between the costs of inflation and the possible arguments for tolerating small positive inflation rates. Therefore this paper presents these four arguments: the zero lower bound of nominal interest rates and risk deflation, measurement bias in the price index, downward nominal rigidities in prices and labour compensation and sustained inflation differentials in a monetary union. It seems to me that the rationale for tolerating small positive inflation rates is the zero lower bound of nominal interest rates and risk deflation. (original abstract)
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Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
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