Remarks on QE Efficiency in the Context of NAIRU Shifts and IS-LM Approach

  • Jan L. Bednarczyk Kielce University of Technology, Faculty of Management and Computer Modelling
  • Marzena Sobol K. Pulaski University of Technology and Humanities, Faculty of Economic and Legal Sciences
Keywords: Inflation, unemployment, low inflation trap


The purpose of the paper is to prove the thesis that the capacities of unconventional monetary policy implemented by the central banks of economically developed countries and aiming at overcoming deflationary and stagnancy processes are becoming exhausted and it will not be in the position to bring about desired effects in the long run in accommodation of economic recovery and, in particular, sustainable improvement in labour market conditions. In consequence, economic authorities of developed countries will be compelled to look for new, more effective methods of supporting recovery.


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