The low inflation trap and the inflation target of the central bank
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
Among the main causes of different behaviour of economic growth indices in the US and the euro zone the most important one seems to be a discrepancy in changes in long-term real interest rates on both markets. Almost two-point differences in long-term real interest rates in the years 2012-2013 translated into similar differences in the economic growth rate. The reason why in the euro zone countries the long-term interest rates were maintained at such a high level was the inconsistency of the ECB policy concerning interest rates and lack of flexibility in the anti-inflation policy. The ultimate result is the occurrence of symptoms of the low inflation trap threatening the euro zone economies.
Authors and Affiliations
Jan L. Bednarczyk
Keywords
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