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Oeconomia Copernicana

MONETARY POLICY RULE FOR POLAND – RESULTS FOR VARIOUS SPECIFACTIONS
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MONETARY POLICY RULE FOR POLAND – RESULTS FOR VARIOUS SPECIFACTIONS

Authors

  • Paweł Baranowski Uniwersytet Łódzki

DOI:

https://doi.org/10.12775/OeC.2011.010

Keywords

Taylor Rule, monetary policy, Poland

Abstract

The aim of the paper is to analyse monetary policy rules for Poland. We estimate models based on the proposition of Taylor (1993), augmented with interest rate smoothing. We deal with the case of instantaneous as well as forward-looking relationship between interest rate and inflation. In the latter case, the proposition of data-rich reaction function (Bernanke and Boivin, 2003) was also considered. The evidence show that Polish monetary authority reaction to inflation is strong, contrary to the output gap. In addition, we found strong interest smoothing, which implies time-distributed response of the interest rate.

References

Baranowski P., Leszczyńska A., Szafrański G. (2010), Krótkookresowe prognozowanie inflacji z użyciem modeli czynnikowych, „Bank i Kredyt”, Vol. 41, No. 4.

Bernanke B., Boivin J. (2003), Monetary policy in a data-rich environment, „Journal of Monetary Economics”, Vol. 50, No. 3.

Bernanke B., Laubach T., Mishkin F., Posen A. (2001), Inflation Targeting: Lessons from the International Experience, Princeton University Press, Princeton, Oxford.

Brainard W. (1967), Uncertainty and the Effectiveness of Monetary Policy, „American Economic Review”, Vol. 57, No. 2.

Boivin J., Ng S. (2006), Are more data always better for factor analysis?, „Journal of Econometrics”, Vol. 132, No. 1.

Canova F. (2007), Methods of Applied Macroeconomic Research, Princeton University Press, Princeton, Oxford.

Clarida R., Gali J., Gertler M. (1998), Monetary policy rules in practice. Some international evidence, „European Economic Review”, Vol. 42.

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Kapetanios G., Marcellino M. (2010), Factor-GMM estimation with large sets of possibly weak instruments, Computational Statistics and Data Analysis, Vol. 54.

Kotłowski J. (2008), Forecasting inflation with dynamic factor model: the case of Poland, Department of Applied Econometrics Working Paper No. 24, Warsaw School of Economics.

Krajewski P., Baranowski P. (2006), Wprowadzenie i realizacja strategii bezpośredniego celu inflacyjnego w Polsce, Instytut Ekonomii UŁ, Łódź.

Osińska M. (2000), Ekonometryczne modelowanie oczekiwań gospodarczych, UMK, Toruń.

Stock J., Wright J., Yogo M. (2002), A Survey of Weak Instruments and Weak Identification in Generalized Method of Moments, Journal of Business & Economic Statistics, Vol. 20, No. 4.

Stock J., Watson M. (2006), Forecasting with may predictors, [w:] G. Ellion, C.W.J. Granger, A. Timmermann (ed.), Handbook of Economic Forecasting, Elsevier, Amstedram, Vol. 1.

Svensson L.E.O. (1997), Inflation forecast targeting: Implementing and monitoring inflation targets, „European Economic Review”, Vol. 41.

Svensson L.E.O. (2011), Inflation targeting, [w:] B.M. Friedman, M. Woodford (ed.), Handbook of Monetary Economics, Volume 3a and 3b, Elsevier.

Taylor J.B. (1993), Discretion Versus Policy Rules in Practice, Carnegie-Rochester Series on Public Policy, Vol. 39.

Raport o Inflacji, czerwiec 2010, NBP.

Welfe A. (2009), Ekonometria, PWE, Warszawa.

Oeconomia Copernicana

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Published

2011-09-01

How to Cite

1.
BARANOWSKI, Paweł. MONETARY POLICY RULE FOR POLAND – RESULTS FOR VARIOUS SPECIFACTIONS. Oeconomia Copernicana. Online. 1 September 2011. Vol. 2, no. 3, pp. 5-21. [Accessed 7 July 2025]. DOI 10.12775/OeC.2011.010.
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Vol. 2 No. 3 (2011)

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