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Introduction
marketeconomiesandtheirimmunitytoshocks.Amoderatepricerisestrength-
ens,amongothers,downwardwageflexibility,downwardinterestrateflexibility,
debtrealvalueflexibility,protectsagainstZLB,etc.Itcanalsobeusedasakindof
shockabsorberlimitingthenegativeimpactofexternalshocksoneconomy,asit
isthecasewithfloatingexchangerates.
Consideringtheaboveconclusions,thisworkpresentsanalternativeregula-
tionmechanismwhichcouldbeappliedespeciallyineconomieswhichatpresent
treatpricestabilityasthemainpriorityoftheireconomicpolicy(Part3ofthis
publication).Intheheartofthismechanismthereiscareoftheauthoritiesusing
alltheavailabletoolstosupportrealGDPgrowthwhileinflationistreatedasan
importantsupplementarycriterion(theconceptofNon-DecreasingEconomic
GrowthRateofInflation,NDEGRI).Tefinalpartofthework,usingtheexample
ofAmericaneconomy,showsapossibleimpactofproposedsolutionsondevelop-
mentofmacroeconomicbalancelequilibriumintheconditionsofimplementing
bythiseconomy,tothemid-2019,thennormalization”process.
Testructureofthisbookadoptsthemodelinwhichanalyticalchaptersbeing
anattemptatanindependentbutalsocriticalapproachtoeconomicconsequences
offullpricestabilityandmoderateinflationarefollowedbychapters(4and5)be-
ingaverificationoftheresponsemethods(strategies)toinflationphenomenaand
eventuallybychapters(6and7)pointingtoNon-DecreasingEconomicGrowth
RateofInflation(NDEGRI)asanalternativemethodofmonetarypolicyanalysis
andformulation.Instatisticalresearchweusedthedatafortheyears1990(1)-
2015(2016),publishedmainlybytheInternationalMonetaryFund,WorldBank,
OrganizationofEconomicCooperationandDevelopmentandcentralbanksof
particularcountries.Ourcriteriawhileselectingdataweremainlycomparability,
availabilityandcompletenessofdata.Quantitativeanalysesinchapter1werecon-
ductedforfullfive-yearperiodsendingin2015;whiletheanalysisoftheAmeri-
caneconomy,madeinChapter7,alsocoverstheyears2016-(July)2019.
LikeinthebookentitlednPolitykapieniężnaprzeciwinflacji.Studiumgosp-
odarkikapitalistycznej”(MonetaryPolicyAgainstInfation.AStudyofCapitalist
Economy)publishedin1990bythePaństwoweWydawnictwoNaukowe,which
thispublicationcontinues,wedidnotaimatdevelopingpurelytheoreticalaspects
oftheproblemsdiscussed,theimpactofwhichoneconomicpolicyisnegligible
ornexttonone.Instead,theelementsofdińerentstabilizationpolicydoctrines
whichdeterminedthemacroeconomicconditionsofdevelopmentoftheexam-
inedcountries(monetaristexperimentintheUnitedStatesandGreatBritain,
WashingtonConsensus,Taylor’srule,directinflationtargetpolicy,non-standard
monetarypolicytools,etc.).Inthisworkallthetoolsusedtodescribephenom-
ena,mechanismsandinterrelationsoccurringbetweenexaminedeconomiesare
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