Remarks on QE Efficiency in the Context of NAIRU Shifts and IS-LM Approach
Keywords:
Inflation, unemployment, low inflation trap
Abstract
The purpose of the paper is to prove the thesis that the capacities of unconventional monetary policy implemented by the central banks of economically developed countries and aiming at overcoming deflationary and stagnancy processes are becoming exhausted and it will not be in the position to bring about desired effects in the long run in accommodation of economic recovery and, in particular, sustainable improvement in labour market conditions. In consequence, economic authorities of developed countries will be compelled to look for new, more effective methods of supporting recovery.
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ECB. The EBC`s fight against low inflation: reasons and consequences. Speech by Peter Praet, Member of the Executive Board of the ECB, at Luiss School of European Political Economy, Rome, 4 April, http://www.ecb.europa.eu (access: 7.05.2016).
Friedman M. (1973), Money. Encyclopaedia Britannica. Macropaedia, vol.12.
Goodfriend M., R. G. King (1998), The New Neoclassical Synthesis and the Role of Monetary Policy, “The Federal Reserve Bank of Richmond. Working Paper Series”, WP 98-05, Richmond.
Kydland F.E., Prescott E.C. (1977), Rules Rather Then Discretion: The Inconsistency of Optimal Plans, “The Journal of Political Economy”, vol. 85, no. 3, p. 473 - 492.
Schuman M. (2016), Central Bankers Aren`t Super-Heroes, “Bloomberg Business Week”, April 11-April 24.
Taylor J.B. (2010), Zrozumieć kryzys finansowy. Przyczyny, skutki, interpretacje, „Wydawnictwo Naukowe PWN”, Warszawa.
The World Bank (2016). IBRD-IDA. GDP Ranking 2014. http://data.worldbank.org/data-catalog/GDP-ranking-table (access: 10.06.2016 ).
Woodford M. (2009), Convergence in Macroeconomics: Elements of the New Synthesis, “American Economic Journal: Macroeconomics”, vol.1, no. 1, p.267-279.
Published
2018-12-28
Issue
Section
Economics
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