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Introduction
aredeterminedenoughintheiractivities.Ontheotherhand,italsoturnedout,
thatthecountrieswhichweremostconsistentinimplementinglowinflationpol-
icyalsonotedlowrateofeconomicgrowth,andsomeofthemgotstuckinalow
inflationtrap(Japan,eurozone),whichisathreattotheirlong-termdevelopment
prospects.Tesituationofcountrieswhichforyearshavenotedlowinflation
indicatorsisdefinitelyincontrastwiththesituationofthecountriesdeveloping
intheconditionsofslightlyhigher(moderate)inflation,whichintheireconomic
policyseekakindofcompromisebetweenpricedynamicsandrealGDPgrowth.
Inthesecircumstancesaquestionarisesaboutthemechanismsofinterre-
lationsbetweenlowinflationandlowrateofeconomicgrowth.Specificityof
thisquestionconsistsinquiteacommonfactthatbothintheoryandpractice
(centralbankingmilieus),itisasumedthatlowinflationinitselffavourseco-
nomicgrowth
2
;someresearchersandpractitionersbelieveeventhatlowinflation
isanecessaryandsufcientconditionofstablelong-termeconomicgrowth.
Hence,combining(associating)alowrateofpricerisewithalowrateofeconomic
growthseemstobeasmuchincorrectascognitivelyrisky.Andyet,duringthe
termofthenewmonetarypolicydoctrine,apartfromgrowthslow-downprocess-
es(whichobviouslycanbeattributedtofactorsnotrelatedtopricestabilization
policy),anumberofphenomenaoccurredwhichmaketheaboveraisedquestion
justified.Whatismeantherearethecriseswhichhaveshakenglobaleconomy
sincetheendofthe1990sand,inparticular,theGreatRecessionof2007-2008,
whichforcedtheauthoritiesofeconomicallydevelopedcountriestoreachforthe
socallednon-standardmonetarypolicytoolsonanunprecedentedscaleinview
oftheappearanceoftheproblemofthezeronominallowerboundofinterestrates
andlackofeńectivenessoftraditionaltools.Teeńectsoftheseactivitiesonthe
formofannabrupt”growthofthepublicdebtvolumeandasignificantincrease
ofcentralbanks’balancesheetshavepersisteduntiltodayanditisdifcultto
predictwhatimpacttheywillhaveontheeconomicdevelopmentprocessesin
thesecountriesinthefuture.
Althoughpolicyofinflationdampingisbasedontheuseofallavailablemeas-
uresofmid-termeconomicpolicy(alsobudgetarypolicy)bytheauthorities,still
thisworkdealsmainlywithanalysisoftheroleandeńectivenessofmonetary
policyinthisrespect,whichplaystheleadingroleinachievingthetarget(price
stability).Hencetheslogandefiningthecharacterofthispolicy:onetool,one
2
Itisquiteaconvenientand,atthesametime,sociallyandeconomicallydoubtfulstancetakenmainly
bycentralbankingmilieus,whichpracticallyreleasesthemfromcaringabout(strivingfor)economic
growth.
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