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Ryczkowski Maciej (Nicolaus Copernicus University)
Modern Central Banking from Monetary Perspective
Ekonomia i Prawo, 2016, t. 15, nr 4, s. 547-556, bibliogr. 38 poz.
Economics and Law
Słowa kluczowe
Bankowość, Banki centralne, Polityka pieniężna
Banking, Central banks, Monetary policy
Motivation: Cashless or DSGE models did not allow to predict the Great Recession - which may suggest that they omit some important variables like money or credit, for instance. Aim: The paper summarizes changing views on money's importance in modern monetary policy and reviews pros and cons of assigning any special role to money by central banks. Results: On the basis of literature review and the 2007-2009 crisis experiences, author apposes arguments for possible improvements in monetary policy frameworks. The paper is organized as follows: section 1 reviews some basic facts about monetary aggregates, section 2 presents the methodology of the research, section 3 discusses pros and cons of assigning special relevance to money in central banking, section 4 concludes. (original abstract)
Pełny tekst
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