Polityka stabilizacyjna jako kanał transmisji impulsów koniunkturalnych

Abstract

Advancing international economic co-operation, considered both in institutional and - first of all - real terms makes economic policy be a channel of transmission of business situation impulses. Nationwide specific shocks, included monetary and fiscal policy, trough product exchange and flow of capital are subject to transmission of trading partners, which implies potential effects of economic policy proliferation. Traditional external effects of economic policy were considered within the Mundell-Fleming model, on the basis of which it was possible to almost unanimously determinate their impact on the surrounding. The development of theory consisted in eliminating fundamental impediments to the Mundell-Flaming model, not only concerning the Keynes concept. Additional factors have been considered, such as: intercyclical optimisation, size of country, the aftermath of money and assets division among countries and their impact on affluence as well as financing budgetary spending from taxes and treasury bounds issuance. Apart from the model assumptions and their modifications much depends on the nature of disruption: is it predicted or surprising, temporary or permanent, occurring at present or likely in the future. What should not be neglected is the fact whether the disruption occurs on demand or supply side, in a country or abroad. Moreover, it is of importance whether a real disruption is triggerd by demand shock or by supply shock. The results depend also on the completeness of international assets market, rigidity or flexibility of job supply and the way of budgetary spending financing. Taking into account all the additional factors leads to a concept that conclusions concerning external factors are no longer as apparent and unanimous as they used to be in the Mundell-Fleming model. (original abstract)