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Central European Management Journal

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Year 2013 
Volume 21 
Issue 2

Crisis and Monetary Policy – Major Dilemmas

Jacek Tomkiewicz
Kozminski University

2013 21 (2) Central European Management Journal

DOI 10.7206/mba.ce.2084-3356.57


Purpose: The goal of the text is to show a number of challenges which major central banks must face today. Impressive engagement of the central banks in counter-crisis policy leads to many controversial decisions and its results are not clear both for economic theory and for real economy. For now, one cannot show a full overview of the policy of central banks – on the one hand, thanks to the expansionary monetary policy, recession was quite shallow and the risk in financial markets has declined, but on the other hand, few side effects of this policy can be mentioned, which can jeopardize economic stability in the future.

Methodology: The paper has a theoretical character. The findings are based on a literature review and an analysis of the major macroeconomic data.

Findings: The text indicates the most important areas which have to be investigated by central banks. There are serious doubts about issues like: inflation targeting as a fundamental part of monetary policy, the efficiency of monetary policy instruments and the side effects of loose monetary policy.

Originality: The text presents quite a new approach in analyzing macroeconomic policy by indicating important gaps in contemporary economic knowledge according to which economic policy is conducted.

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APA style

Jacek Tomkiewicz (2013). Tomkiewicz, J. . (2013). Crisis and Monetary Policy – Major Dilemmas. Central European Management Journal, 21(2), 38-48. https://doi.org/10.7206/mba.ce.2084-3356.57 (Original work published 2013)

MLA style

Jacek Tomkiewicz. Tomkiewicz, J. . “Crisis And Monetary Policy – Major Dilemmas”. 2013. Central European Management Journal, vol. 21, no. 2, 2013, pp. 38-48.

Chicago style

Jacek Tomkiewicz. Tomkiewicz, Jacek . “Crisis And Monetary Policy – Major Dilemmas”. Central European Management Journal, Central European Management Journal, 21, no. 2 (2013): 38-48. doi:10.7206/mba.ce.2084-3356.57.