Optimal Monetary Policy with a Cost Channel

More and more research confirms the influence of monetary policy over supply through the costs level (especially in reference to the working capital costs) and over the marginal costs of a given enterprise which influences their pricing policy and manufacturing decisions. Thus, it has become a necessity in the monetary policy’s effectiveness to take into account cost channels of transmitting monetary policy into economy, along with identification of factors determining its effectiveness. It may point out to the stronger reaction of the central bank in order to repress costly inflationary pressure; it may as well point out to a lower interest increase in order to not increase inflation expectations. It depends on the specificity of a given economy – to be precise, the role of a cost channel and market expectations, as well as the strength of an interest rate channel. The central bank should analyze the effects of its actions in order to neutralize negative consequences and increase its effectiveness. Thus, when it comes to the cost channel, it comes as more effective for the central bank to focus on the inflation goal and to base the monetary policy on the aim of achieving this goal. To strengthen the effectiveness and credibility, it is necessary to create a realistic strategy should economical crisis occur.

OPTYMALNA POLITYKA PIENIĘŻNA W SYTUACJI ISTNIENIA KANAŁU KOSZTÓW

Coraz większa ilość badań dowodzi wpływu polityki pieniężnej na podażową stronę gospodarki poprzez oddziaływanie na poziom kosztów finansowych (w szczególności kosztu kapitału pracującego), a tym samym na wysokość kosztów marginalnych przedsiębiorstwa, co wpływa na ich politykę cenową i decyzje o wielkości produkcji. Z tego względu kluczowe dla skuteczności polityki pieniężnej jest uwzględnienie kanału kosztów w transmisji polityki pieniężnej do gospodarki wraz z identyfikacją czynników determinujących jego drożność. Może ono wskazywać na silniejszą reakcję banku centralnego, by tłumić kosztową presję inflacyjną, albo na słabszy wzrost oprocentowania, by nie wzmagać oczekiwań inflacyjnych. Zależy to od specyfiki danej gospodarki – od roli, jaką odgrywają w niej kanał kosztów oraz oczekiwania rynkowe, ale także od siły działania kanału stopy procentowej. Bank centralny powinien więc zgłębiać skutki swych działań, by neutralizować ich negatywne efekty, a tym samym podnieść swą skuteczność. Dlatego też w sytuacji działania kanału kosztów właściwe wydaje się skupienie banku centralnego na celu inflacyjnym i oparcie polityki pieniężnej na zobowiązaniu do jego osiągnięcia. Dla wzmocnienia skuteczności i wiarygodności niezbędne jest również wypracowanie realistycznej strategii działania na wypadek załamania się płynności w gospodarce.

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