Stopy procentowe banków centralnych w okresie wysokiej inflacji
Central banks’ interest rates in times of high inflation

Summary/Abstract: Changes in the level of interest rates are one of the most important monetary policy tools at the disposal of central banks in the fight against excessive price increases. It is a highly sensitive tool that requires particularly precise application. If used incorrectly, it can have negative consequences for both the pace of economic activity and the level of inflation. It is therefore important to operate it with the right sensitivity, at the right time and on the right scale, bearing in mind that it is not the only tool available for monetary policy.

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