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- Title
IS DEFLATION TRAP A SERIOUS THREAT? CASE STUDY OF FED, ECB AND NBP.
- Authors
RYCZKOWSKI, MACIEJ
- Abstract
The goal of the paper is to compare nonstandard solutions implemented by Federal Reserve System, European Central Bank and National Bank of Poland in response to the outbreak of a subrime crisis in United States and to debt crisis in European Union. For that purpose there is carried out a comparative, descriptive analysis of institutional steps taken by the three central banks and the governments to preserve macroeconomic stability. The nonstandard measures allowed to avoid a comeback of the Great Depression and restored market's confidence, unfortunately at the cost of decreased resilience for future possible crises along with many other medium and long run unintended consequences.
- Subjects
FEDERAL Reserve banks; EUROPEAN Central Bank; NARODOWY Bank Polski; DEPRESSIONS (Economics); MICROECONOMICS
- Publication
Economics & Law / Ekonomia i Prawo, 2015, Vol 14, Issue 2, p243
- ISSN
1898-2255
- Publication type
Article
- DOI
10.12775/EiP.2015.015