Open AccessEwolucja zmian i zadania banków centralnych w świetle doświadczeń kryzysu finansowego
Author(s) -
Agnieszka Alińska,
Bogusław Pietrzak,
Katarzyna Wasiak
Publication year - 2015
Publication title -
kwartalnik kolegium ekonomiczno-społecznego studia i prace
Language(s) - English
Resource type - Journals
ISSN - 2082-0976
DOI - 10.33119/kkessip.2015.1.3.2
Subject(s) - interest rate , monetary policy , inflation targeting , forward guidance , inflation (cosmology) , economics , financial crisis , declaration , quantitative easing , monetary economics , business , central bank , credit channel , macroeconomics , political science , physics , theoretical physics , law
Communication policy of central banks in the framework of direct inflation targeting strategy and related strategies is important. Its tools include forward guidance as a method of influencing the expectations of market participants. Although forward guidance was used before the outbreak of the financial crisis, it was not popular. After 2008, under conditions of zero interest rate, monetary authorities have begun After 2008, under conditions of zero interest rate, monetary authorities have begun to use the forward guidance as an unconventional and effective instrument allowing monetary policy to have impact on market interest rates. However, the riskswhen using forward guidance include the possibility of misinterpretation of the conditional nature of the declaration of the monetary authorities.