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WiesławaPrzybylska-Kapuścińska,MagdalenaSzyszko
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EXITSSTRATEGYFROMTHECENTRALBANKS’
UNCONVENTIONALMEASURES
Summary:Whilethefinancialcrisiswasspreadingallaroundtheworld,thecentralbanks
startedtoimplementunconventionalmeasuresofmonetarypolicyafterhavingconcludedthat
interestratepolicywasineffective.Whenthemostturbulentperiodisover,monetary
authoritieshavetoreckonandimplementexitstrategy.Thisarticlefocusesonthebasic
dilemmaofcentralbankersconnectedwiththemonetarytightening.Theymainlyconcentrate
howandwhenmonetarypolicyshouldbetightened.Centralbanksalsotrytosupportthe
tighteningbypropercommunicationwiththemarketparticipants.Despitethelackof
unambiguousanswerstothesequestions,thispapertriestoshowthemainargumentsinthe
discussiononexitstrategy.
