Dilemmas of Central Banks in the Face of Quantitative Easing Policy
DOI:
https://doi.org/10.15678/ZNUEK.2015.0938.0206Keywords:
monetary expansion, non-standard monetary policy instruments, quantitative easing policy, unconventional monetary policy, exit strategies, central bank's balance sheet, creation of credit moneyAbstract
The study focuses on the analysis of the character and form of quantitative easing policy, used by central banks during the global financial crisis. Its main aim is to assess the consequences of this policy, which are analysed from the point of view of both theory and practice. The study indicates their diversity, which determines the implementation of exit strategy by central banks.Downloads
References
Banki centralne wobec kryzysu ekonomicznego [2010], red. J. Osiński, SGH, Warszawa.
Bernanke B. [2009], The Crisis and the Policy Response, Remarks at the Stamp Lecture, London School of Economics, January 13.
Borio C., Disyatat P. [2009], Unconventional Monetary Policies: An Appraisal, „BIS Working Papers", nr 292, http://dx.doi.org/10.2139/ssrn.1541243.
Długofalowe skutki polityki niskich stóp procentowych i poluzowania polityki pieniężnej [2013], BRE Bank CASE, z. 129.
Gray S., Hoggarth G. [1996], Introduction to Monetary Operations, Handbooks in Central Banking, nr 10, Centre for Central Bank Studies, Bank of England.
Issing O. [2009], Assets Prices and Monetary Policy, „Cato Journal", nr 1.
Murray J. [2009], When the Unconvencional Becomes Conventional. Monetary Policy in Extraordinary Times, „Bank of International Settlements Reviev", nr 61.
Pyka I. [2013], Polityka monetarna EBC wobec przemian instytucjonalnych w strefie euro, „Zarządzanie i Finanse. Journal of Management and Finance", nr 2, cz. 1.
Raport o inflacji [2014], NBP, Warszawa.
Smaghi L.B. [2009], Conventional and Unconventional Monetary Policy, Keynote Lecture at the International Center for Monetary and Banking Studies (ICMB), Geneva, 28 April 2009.
Tymoczko D. [2010], Banki centralne w zarządzaniu kryzysem finansowym, 111 seminarium BRE-CASE, Warszawa.
Wróbel Ł. [2012], Po trzecie, wyluzuj, „Parkiet", nr 231.
