Instytucjonalne uwarunkowania wspólnej polityki pieniężnej w Unii Gospodarczej i Walutowej

Michał Laskowski

doi:10.18778/2082-4440.16.02

Authors

Michał Laskowski Uniwersytet Łódzki, Wydział Ekonomiczno-Socjologiczny, Katedra Międzynarodowych Stosunków Gospodarczych

DOI:

https://doi.org/10.18778/2082-4440.16.02

Keywords:

monetary policy, institutional matrix, central banking

Abstract

This paper aims to examine changes, which appeared within institutional framework of monetary policy in the Economic and Monetary Union after the crisis of 2008. Theoretical base for research was the new institutionalism under the methodological principles and criteria prepared by Douglass North. The analysis consist of two steps. The first describes institutional matrix of monetary policy in EMU. The second compares formal and informal institutions of monetary policy in the Eurozone before and after 2008. The analysis revealed, that changes have been made in monetary policy principles and tools. Nevertheless, institutional matrix was not changed.

References

Acocella N. (2002), Zasady polityki gospodarczej. Wartości i metody analizy, PWN, Warszawa.
Google Scholar

Bernanke B., Woodford M. (1997), Inflation Forecasts and Monetary Policy, The National Bureau of Economic Research, Working Paper No. 6157, New York.
Google Scholar DOI: https://doi.org/10.3386/w6157

Blanchard O. (2011), Makroekonomia, Wolters Kluwer Business, Warszawa.
Google Scholar

Blanchard O., Leigh D. (2013), Growth Forecast Errors and Fiscal Multipliers, IMF Working Paper WP/13/1, International Monetary Fund, Washington DC.
Google Scholar DOI: https://doi.org/10.5089/9781475576443.001

Bordo M. (2007), A Brief History of Central Banks, Federal Reserve Bank of Cleveland, Cleveland, OH.
Google Scholar

Bordo M., Silkos P. (2014), Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective, Working Paper 20693, National Bureau of Economic Research, Cambridge, Massachusetts.
Google Scholar DOI: https://doi.org/10.3386/w20693

Bryson J. (1994), Fiscal policy coordination and flexibility under European Monetary Union: Implications for macroeconomic stabilization, „Journal of Policy Modeling”, Vol. 16, Issue 6, Amsterdam.
Google Scholar DOI: https://doi.org/10.1016/0161-8938(94)90007-8

Debelle G., Fischer S. (1994), How Independent Should a Central Bank Be?, Working Papers in Applied Economic Theory, 94–05, Federal Reserve Bank of San Francisco.
Google Scholar

Disyatat P. (2008), Monetary policy implementation: Misconceptions and their consequences, BIS Working Papers, No. 269, Basel.
Google Scholar DOI: https://doi.org/10.2139/ssrn.1334134

EBC (2008), The European Central Bank, The Eurosystem, The European System of Central Banks, European Central Bank, Frankfur am Main.
Google Scholar

EBC (2011), The Monetary Policy of the European Central Bank, European Central Bank, Frankfurt am Main.
Google Scholar

Falagiarda M., McQuade P., Tirpák M. (2015), Spillovers from the ECB’s nonstandard monetary policies on non-euro area EU countries: evidence from an event-study analysis, Working Paper No. 1869, European Central Bank, Frankfurt am Main.
Google Scholar

Financial Stability Review (2015), European Central Bank, November, Frankfurt am Main.
Google Scholar

Frydman R., Goldberg M. (2009), Ekonomia wiedzy niedoskonałej, Wydawnictwo Krytyki Politycznej, Warszawa. s. 45–52.
Google Scholar

Godłów-Legiędź J. (2010), Współczesna ekonomia. Ku nowemu paradygmatowi?, C.H. Beck, Warszawa.
Google Scholar

The Guardian (2013), IMF admits: we failed to realise the damage austerity would do to Greece, www.theguardian.com/business/2013/jun/05/imf-underestimated-damage-austerity-would-do-to-greece (data dostępu: 03.05.2016 r.).
Google Scholar

Kahneman D. (2012), Pułapki myślenia. O myśleniu szybkim i wolnym, Media Rodzina, Poznań.
Google Scholar

Kołodko G. (2011), Wędrujący świat, Prószyński i S-ka, Warszawa.
Google Scholar

Krugman P., Wells R. (2011), Makroekonomia, PWN, Warszawa.
Google Scholar

Landerth H., Colander D. (2005), Historia myśli ekonomicznej, PWN, Warszawa.
Google Scholar

Nobelprize.org (1993a), The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1993, www.nobelprize.org/nobel_prizes/economicsciences/laureates/1993/ (data dostępu: 5.05.2016 r.).
Google Scholar

Nobelprize.org (1993b), Douglass C. North – Facts, The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1993, www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1993/north-facts.html (data dostępu: 3.05.2016 r.).
Google Scholar

North D. (2014), Zrozumieć przemiany gospodarcze, Wolters Kluwer Business, Warszawa.
Google Scholar

Owsiak S., Finanse publiczne, PWN, Warszawa.
Google Scholar

Pattipeilohy C., van den End J.W., Tabbae M., Frosta J., de Haan J. (2013), Unconventional monetary policy of the ECB during the financial crisis: An assessment and new evidence, De Nederlandsche Bank NV, DNB Working Paper, No. 381, Amsterdam.
Google Scholar DOI: https://doi.org/10.2139/ssrn.2278838

Polański Z. (2015), Otoczenie monetarne dla polityki zacieśniania fiskalnego [w:] Dylematy polityki makroekonomicznej w warunkach kryzysu zadłużeniowego w Unii Europejskiej, Oficyna Wydawnicza Szkoła Główna Handlowa w Warszawie, Warszawa.
Google Scholar

Przybylska-Kapuścińska W. (2008), Współczesna polityka pieniężna, Difin, Warszawa.
Google Scholar

Schaal P. (1996), Pieniądz i polityka pieniężna, PWE, Warszawa.
Google Scholar

Sławiński A. (2011), Polityka pieniężna, CH Beck, Warszawa.
Google Scholar

Smith V. (2013), Racjonalność w ekonomii, Wolters Kluwer Business, Warszawa.
Google Scholar

Taylor J. (2013), The Effectiveness of Central Bank Independence Versus Policy Rules [w:] Central Bank Independence: Reality or Myth?, American Economic Association Annual Meeting, San Diego, California.
Google Scholar DOI: https://doi.org/10.1057/be.2013.15

TFUE, Traktat o Funkcjonowaniu Unii Europejskiej (wersja skonsolidowana), Dz. Urz. UE z dnia 26 października 2012 r. C326/01, ze zm.
Google Scholar

TUE, Traktat o Unii Europejskiej (wersja skonsolidowana), Dz. Urz. UE z dnia 26 października 2012 r. C326/01, ze zm.
Google Scholar

Vergote O., Stunder W., Efthymidas I., Merriman N. (2010), Main Drivers of The European Central Bank Accounts and European Central Bank Financial Strenght over The First 11 Years, Occasional Paper No. 111, European Central Bank, Frankfurt am Main.
Google Scholar

Wilhelmsen B., Zaghini A. (2005), Monetary Policy Predictability in the Euro Area. An international comparison, European Central Bank Working Paper No. 504, European Central Bank, Frankfurt am Main.
Google Scholar