Politická ekonomie 2019, 67(6):655-671 | DOI: 10.18267/j.polek.1266

Měnová politika – kudy dál?

Eva Zamrazilová
Vysoká škola ekonomická v Praze, Národohospodářská fakulta

Monetary Policy – the Way Forward?

Various theoretical perspectives on the current macroeconomic development of advanced economies, indicating a slowdown in economic growth and labour productivity accompanied by very low inflation, are discussed. Mainstream opinion has been emphasizing the threat of se-cular stagnation, which would require much looser monetary policy compared to past decades. On the other hand, opinions pointing to the limits and risks of a long-term loose monetary policy are analysed. Special attention is paid to the phenomenon of deflation. Biases of measurement of basic macroeconomic indicators in the age of digitization are discussed as well. As a possible way forward in monetary policy, incorporation of labour market indicators seems to be promising. In the age of digitization, labour market statistics are more reliable than indicators of output and/or inflation. An experimental example of a modified Taylor rule for the Czech economy provides supportive arguments for using available indica tors from the labour market in the process of monetary policy decision making to a greater extent compared to current practice.

Keywords: Economic growth, potential product, monetary policy, financial stability, labour market

Received: April 11, 2019; Accepted: August 19, 2019; Published: January 6, 2020  Show citation

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Zamrazilová, E. (2019). Monetary Policy – the Way Forward? Politická ekonomie, 67(6), 655-671. doi: 10.18267/j.polek.1266
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