The Costs of Deflation: Are they Really so High?

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

The Costs of Deflation: Are they Really so High?

Popis výsledku v původním jazyce

The recent financial crisis raised several challenges for central banks. Monetary policy that was fundamentally based on interest rate regulation was neutralized by a liquidity trap. Central banks started to look for and use unconventional instruments: quantitative easing (QE), negative interest rates, currency floor. The reason for such radical steps was fear of deflation: most economists consider deflation (a fall in the price level) as a very costly development of economies. It seems politicians andcentral bankers are even more afraid of deflation. The Swiss National Bank (SNB) is one of the first central banks that started to use unconventional monetary policy measures. The Czech National Bank (CNB) does not hide it is inspired by SNB in its fightagainst deflation. Are unconventional steps a good way how to avoid deflation and are they necessary? In this context we focus only on a fragment of this very broad area: deflation and growth. Several recent studies confirm that the link

Název v anglickém jazyce

The Costs of Deflation: Are they Really so High?

Popis výsledku anglicky

The recent financial crisis raised several challenges for central banks. Monetary policy that was fundamentally based on interest rate regulation was neutralized by a liquidity trap. Central banks started to look for and use unconventional instruments: quantitative easing (QE), negative interest rates, currency floor. The reason for such radical steps was fear of deflation: most economists consider deflation (a fall in the price level) as a very costly development of economies. It seems politicians andcentral bankers are even more afraid of deflation. The Swiss National Bank (SNB) is one of the first central banks that started to use unconventional monetary policy measures. The Czech National Bank (CNB) does not hide it is inspired by SNB in its fightagainst deflation. Are unconventional steps a good way how to avoid deflation and are they necessary? In this context we focus only on a fragment of this very broad area: deflation and growth. Several recent studies confirm that the link

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

Výsledek vznikl pri realizaci vícero projektů. Více informací v záložce Projekty.

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2015

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

European Financial Systems 2015: proceedings of the 12th international scientific conference

ISBN

978-80-210-7962-5

ISSN

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e-ISSN

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Počet stran výsledku

9

Strana od-do

462-471

Název nakladatele

Masarykova univerzita

Místo vydání

Brno

Místo konání akce

Brno

Datum konání akce

18. 6. 2015

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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