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Credibility of Inflation Targets in Poland

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  • Wojciech S Maliszewski

    (Fiscal Affairs Department, International Monetary Fund, 700 19th Street NW, HQ2-06-779, Washington, DC 20431, USA.)

Abstract

This paper empirically investigates credibility of inflation targets in Poland. It proposes a new methodology to estimate the impact of policy announcements on survey-based inflationary expectations. Credibility of inflation targets in Poland have been high – the public seems to have attached greater weight to policy announcements than to past macroeconomic developments, particularly after the formal introduction of inflation targeting. The proposed Bayesian approach makes efficient use of available information to provide an intuitive, time-varying measures of credibility. Comparative Economic Studies (2008) 50, 494–510. doi:10.1057/ces.2008.25

Suggested Citation

  • Wojciech S Maliszewski, 2008. "Credibility of Inflation Targets in Poland," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 50(3), pages 494-510, September.
    • Handle: RePEc:pal:compes:v:50:y:2008:i:3:p:494-510
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    Cited by:

    1. Ivrendi, Mehmet & Guloglu, Bulent, 2010. "Monetary shocks, exchange rates and trade balances: Evidence from inflation targeting countries," Economic Modelling, Elsevier, vol. 27(5), pages 1144-1155, September.
    2. de Freitas Val, Flávio & Klotzle, Marcelo Cabus & Pinto, Antonio Carlos Figueiredo & Gaglianone, Wagner Piazza, 2017. "Estimating the credibility of Brazilian monetary policy using a Kalman filter approach," Research in International Business and Finance, Elsevier, vol. 41(C), pages 37-53.
    3. Flávio de Freitas Val & Wagner Piazza Gaglianone & Marcelo Cabus Klotzle & Antonio Carlos Figueiredo Pinto, 2017. "Estimating the Credibility of Brazilian Monetary Policy using Forward Measures and a State-Space Model," Working Papers Series 463, Central Bank of Brazil, Research Department.

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