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Autor
Wojtyna Andrzej (Wydział Ekonomii i Stosunków Międzynarodowych)
Tytuł
Bank centralny w świetle teorii agencji
Central Bank in the Context of Agency Theory
Źródło
Gospodarka Narodowa, 2004, nr 9, s. 1-22, bibliogr. 33 poz.
Słowa kluczowe
Banki centralne, Teoria agencji, Proces podejmowania decyzji
Central banks, Agency theory, Decision making process
Uwagi
summ.
Abstrakt
Celem artykułu było zaprezentowanie pewnych wątków badań, w których perspektywa teorii agencji jest w sposób wyraźny wykorzystywana do analizy polityki banku centralnego. Przedstawiono także relacje agencji wewnątrz banku centralnego w zakresie przepływu informacji, podejmowania decyzji i systemu bodźców kształtujących zachowania decydentów.

The article is devoted to possibilities of applying agency theory in research into efficiency of institutional solutions in central banks. Its first part presents factors due to which, like in many other cases of agency relationship, it is also in reference to central bank that drawing up appropriate practical solutions turns out to be a very complicated task giving rise giving rise to a lot of controversy and even political emotions. The second part of the article is focused on those tenets of theoretical research, which while treating the central bank as an agent aim at an optimum contract allowing central bank independence to be tied with requirements for its democratic accountability. In the third part, emphasis is put on agency relations within the central bank. It discusses the results of numerous studies of various aspects of efficiency of making central banks' decisions by committees. In conclusions of this article several remarks are made about possibilities of applying agency theory in analyses of institutional solutions adopted in the National Bank of Poland. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
  1. Beddies C.H., [2000], Selected Issues Concerning Monetary Policy and Institutional Design for Central Banks: A Review of Theories, IMF Working Paper WP/00/140.
  2. Blinder A.S., [1997], What Central Banks Could Learn from Academics - and Vice Versa, „Journal of Economic Perspectives", nr 2.
  3. Blinder A.S., Morgan J., [2000], Are Two Heads Better than One? An Experimental Analysis of Group vs. Individual Decisionmaking, NBER Working Paper No. 7909.
  4. Blinder A., Goodhart C., Hildebrand P., Lipton D., Wyplosz C., [2001], How Do Central Banks Talk?, „Geneva Reports on the World Economy", no. 3, ICMB - CEPR, Geneva - London.
  5. Briault C.B., Haldane A.G., King M.A., [1996], Independence and Accountability, Bank of England, „Working Paper Series", no. 46, April.
  6. Cukierman A., [1995], The Economics of Central Banking, paper prepared for the Eleventh World Congress of the International Economic Association, 18-22 December, Tunis (maszynopis powielany).
  7. Dixit A., Jensen H., [2003], Common Agency with Rational Expectations: Theory and Application to a Monetary Union, „Economic Journal", July.
  8. Brazen A., [2000], Political Economy in Macroeconomics, Princeton University Press, Princeton.
  9. Eggertson G., Le Borgne E., [2003], A Political Agency Theory of Central Bank Independence, IMF Working Paper WP/03/144.
  10. Felgenhauer M., Gruner H.P., [2003], Committees and Special Interests, ECB Working Paper No. 293, November.
  11. Fischer S., [2003], Comment, Jackson Hole Symposium on Monetary Policy and Uncertainty: Adapting to a Changing Economy, 28-30 August, maszynopis.
  12. Fratianni M., von Hagen J., Waller C., [1997], Central Banking as a Political Principal-Agent Problem, „Economic Inquiry", April.
  13. Fry M., Julius D., Mahadeva L., Roger S., Sterne G., [2000], Key Issues in the Choice of Monetary Policy Framework, w: Mahadeva L., Sterne G. (red.), Monetary Frameworks in a Global Context, Routledge, London.
  14. Gerlach-Kristen P., [2002], Monetary Policy Committees and Interest Rate Setting, „European Economic Review" (w druku).
  15. Gerling K., Gruner H.P., Kiel A., Schulte E., [2003], Information Acquisition and Decision Making in Committees: A Survey, ECB Working Paper No. 256, September.
  16. Gersbach H., Hahn V, [200la], Should the Individual Voting Records of Central Bankers Be Published, Bundesbank, Discussion Paper 02/01.
  17. Gersbach H., Hahn V, [200Ib], Voting Transparency and Conflicting Interests in Central Bank Councils, Bundesbank, Discussion Paper 03/01.
  18. Lombardelli C., Proudman J., Talbot J., [2002], Committees versus Individuals: An Experimental Analysis of Monetary Policy Decision-Making, Bank of England Working Paper no. 165.
  19. McCallum B.T., [1995], Two Fallacies Concerning Central Bank Independence, „American Economic Review", nr 2.
  20. Nowaihi A. al., Levine P., [1996], Independent but Accountable: Walsh Contracts and the Credibility Problem, ESRC Working Paper No. 11.
  21. Romer C.D., Romer D.H., [1996], Institutions for Monetary Stability, NBER Working Paper 5557, May.
  22. Schaling E., Hoeberichts M., Eijffinger D., [1998], Incentive Schemes for Central Bankers under Uncertainty: Inflation Targets versus Contracts, Bank of England, Working Paper No. 88 (November).
  23. Scheve K., [2002], Public Demand for Low Inflation, Bank of England, Working Paper no. 172.
  24. Sibert A., [2003], Monetary Policy Committees: Individual and Collective Reputations, „Review of Economic Studies", nr 3.
  25. Sibert A., Mihov I., [2002], Credibility and Flexibility with Monetary Policy Committees, maszynopis powielany.
  26. Svensson L.E.O., [1995], Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts, Institute for International Economic Studies, Stockholm University, Seminar Paper No. 595.
  27. Waller C.J., [1995], Performance Contracts for Central Bankers, „Federal Reserve Bank of St. Louis Review", September/October.
  28. Waller C.J., [2000], Policy Boards and Policy Smoothing, „Quarterly Review of Economic Policy", February.
  29. Walsh C.E., [1995a], Optimal Contracts for Central Bankers, „American Economic Review", nr 1.
  30. Walsh C.E., [1995b], Recent Central Bank Reforms and the Role of Price Stability as the Sole Objective of Monetary Policy, w: „NBER Macroeconomics Annual 1995", MIT Press, Cambridge.
  31. Winkler B., [2000], Which Kind of Transparency? On the Need of Clarity in Monetary Policy-Making, ECB Working Paper no. 26, August.
  32. Wojtyna A., [1998], Szkice o niezależności banku centralnego, PWN, Warszawa-Kraków.
  33. Wojtyna A., [2002], Demokratyczna kontrola nad polityką banku centralnego - kontrowersje teoretyczne i wnioski dla Polski, „Ekonomista", nr 5.
Cytowane przez
Pokaż
ISSN
0867-0005
Język
pol
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