Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
Pricestabilityandeconomicgrowth.Forachangeinthedoctrinalfoundationsofmonetarypolicy
Table2comprisingasummaryofselectedmacroeconomicindicatorsfromthe
Eurozone,UnitedStatesandJapanfortheyears1999(thebeginningofthecom-
moncurrency)-2015provesexistenceofaspecifictrade-olbetweeninflationand
economicgrowth.LowerinflationindicatorsintheeurozonecountriesandJapan
areaccompaniedbyeconomicgrowthindicatorslowerthanintheUnitedStates.
Inthecaseoftheeurozonecountries,theprincipleunderlyingthenlowinfla-
tion”policy,namely,thatthecountriesimplementingsuchpolicycanovercome
acrisismorequicklyastheycanreduceinterestratesmorequicklybenefiting
fromanchoredinflationexpectations,which,inturn,resultinlowerrealinterest
rates,didnotwork.Inpost-crisisyears,theEuropeanCentralBank,insteadof
takingadvantageofthencapital”ofanchoredinflationexpectations,continuedto
usethestronganti-inflationrhetoric
18
,beingmoreconcernedaboutitscredibility
thanthesituationoftheeurozonecountriesembroiledinacrisis.Asaresult,the
membercountriesfoundthemselvesinaspecificdeadlockwhichbecameaseri-
ousthreattofurtherprospectsofthegroupexistence.
re.c).Anotherargumentinfavourofthenecessitytomaintainstableprices
wasagreateaseofadjustingpricestochangesoftherealconditionsofproduction
andpossibilityofcompleteattainmentofbenefitsresultingforeconomyfromthe
relativepricemechanism,whichadmittedlyoccurredatthattime.Inthecaseof
stablepricesthereisaneedtominimizeaveragediscrepanciesbetweenprices
ofproductsandservicesońeredbyenterprisesandthemarginalcostsoftheir
production(averagemarkup)
19
,thesaiddiscrepanciesoccurringintheprocess
ofadjustmentofmarketparticipantstochangesininflationrates.Tehigherthe
naveragediscrepancies”are,thebiggertherelativepricedistortions(i.e.pricesof
goodsexpressedinthepricesofothergoods)andthelowerutilityefciencyofthe
factorsofproduction(labour,capital)duetotheirimproperuseare.IntheNew
NeoclassicalSynthesis(NNS)models,changesinnaveragediscrepancies”havethe
sameimpactonmarginalproductivityofthefactorsofproductionasproductiv-
ityshocksorchangesinthegeneraltaxationlevel,whilethechangesinrelative
pricescausedbythemhaveasimilareńectonenterpriseslikerapidchangesin
nindustry”productivityorchangesingovernmentprocurementlevels
20
.Forthe
18
Untilautumn2011,theEuropeanCentralBankhadmaintaineditsbasicinterestrateatthelevel
of125basepointsabovethatoftheFRS,despitehigherinflationratesintheUSAthaninEurope.
19
See:M.Goodfriend,R.G.King.meNeoclassicalSynthesisandtheRoleofMonetaryPolicy.TeFed-
eralReserveBankofRichmondWorkingPaperSeriesWP98-05,Richmond1998,pp.33and34.
20
J.L.Bednarczyk.Hipotezainfacjineutralnejapryncypiaekonomiigłównegonurtu,in:Ekonomia.
Teoria,historia,praktyka.(I.Bludnik,M.Ratajczak,J.Wallusch,ed.).WydawnictwoUniwersytetuEko-
nomicznegowPoznaniu.Poznań2013,pp.82-84.
22
