Zrównoważona polityka pieniężna? Ewolucja celów banku centralnego wobec współczesnych wyzwań
Balanced monetary policy? Modern challenges as the central bank’s goals

Summary/Abstract: Financial crisis enforced economic policy changes. As one of its results, monetary policy goals have been discussed once again after not doing it since the nineties of 20th century. The analysis of modern monetary policy mandates is the main goal of this paper. As the central bank has to stabilise inflation expectations of market participants, monetary policy should have an unambigous goal. If there is more than one goal, their weights should be announced. The discussion on the modern central banks’ mandates is presented in the paper. It covers flexible inflation targeting implementation and financial stability as the central bank mandate. The literature analysis does not give unambigous conclusions. The predominating solution is that nowadays monetary policy should be continued. It means that inflation persists as the main target, but the central bank implements flexible inflation targeting and, if it is necessary, it supports financial stability with monetary policy tools.

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