PL EN
PRACA ORYGINALNA
Reakcja polityki pieniężnej na wybuch pandemii COVID- 19 w krajach stosujących strategię celu inflacyjnego
 
Więcej
Ukryj
1
Economic Analysis and Research Department, Narodowy Bank Polski, Warsaw, Poland
AUTOR DO KORESPONDENCJI
Joanna Niedźwiedzińska   

Economic Analysis and Research Department, Narodowy Bank Polski, Warsaw, Poland
Data nadesłania: 29-06-2021
Data ostatniej rewizji: 12-10-2021
Data akceptacji: 28-11-2021
Data publikacji: 28-12-2021
 
GNPJE 2021;308(4):125–165
 
SŁOWA KLUCZOWE
KODY KLASYFIKACJI JEL
STRESZCZENIE
Reakcja polityki pieniężnej na wybuch pandemii COVID-19 była pod wieloma względami wyjątkowa. Niniejszy artykuł bada kilka aspektów tej wyjątkowości wśród 28 banków centralnych stosujących strategię celu inflacyjnego, biorąc pod uwagę działania podejmowane przez wybrane władze monetarne na początku kryzysu związanego z pandemią. Analizowane banki centralne jednoznacznie uznały, że pandemia wymaga wyraźnego złagodzenia warunków monetarnych, co zaowocowało szybkim ogłoszeniem decyzji zwiększających ekspansywność polityki pieniężnej, podejmowanych często na nadzwyczajnych posiedzeniach i wykorzystujących możliwie szeroki zestaw instrumentów – bez nadmiernego wahania co do zastosowania również narzędzi niestandardowych. Jednym z kluczowych aspektów odpowiedzi banków centralnych na kryzys była również szybkość reakcji na szok. Okazało się, że średnio w gospodarkach rozwiniętych pierwsze decyzje łagodzące politykę pieniężną ogłoszono w ciągu miesiąca od wybuchu pandemii, podczas gdy w gospodarkach rozwijających się reakcja była dwukrotnie szybsza. Jak pokazało proste ćwiczenie ekonometryczne, różnica ta może być jednak w dużym stopniu wyjaśniona przez moment wykrycia pierwszych przypadków COVID-19 w danym kraju, rygorystycznością przyjętych ograniczeń antypandemicznych oraz potrzebą wsparcia płynnościowego gospodarek z mniej głębokim systemem finansowym. Znaczenie miały także zmienne dotyczące przestrzeni do wykorzystania niekonwencyjnych działań oraz odchylenie inflacji od celu inflacyjnego.
 
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