Bańki spekulacyjne a reakcja banków centralnych: zmiany percepcji roli polityki pieniężnej w następstwie kryzysu 2007-2009
Asset price bubbles and monetary policy response – changes in thinking about the role of central banks after the financial crisis 2007-2009

Summary/Abstract: Recent financial crisis 2007-2009 created an opportunity to revive a discussion about the desired response of monetary policy to the asset price bubbles. There are reasons for conducting monetary policy with focus on preventing from the bubbles, rather than responding to asset price declines only after the bubble bursts. The article describes the discussion on the desired approach of monetary policy towards assets price movements in the light of the recent financial crisis. One of the main conclusions is also an increasing role of money and credit market developments analysis which could serve as an early warning indicator of the future financial markets exuberance periods. There is also a strong need to coordinate monetary and macroprudential policies in order to improve the efficiency of the bubble prevention campaign.

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