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Monetary Policy Rule For Poland – Results For Various Specifactions

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  • Pawel Baranowski

    (University of Lodz)

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    Abstract

    The aim of the paper is to analyse monetary policy rules for Poland. We estimate models based on the proposition of Taylor, 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 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.

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    File URL: http://www.oeconomia.copernicana.umk.pl/plikidopobrania/2011_3_baranowski.pdf
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    Bibliographic Info

    Article provided by Polskie Towarzystwo Ekonomiczne Oddzial w Toruniu, Wydzial Nauk Ekonomicznych i Zarzadzania UMK in its journal Oeconomia Copernicana.

    Volume (Year): 3 (2011)
    Issue (Month): ()
    Pages: 5-21

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    Handle: RePEc:tru:umkoec:2011:v3:p:5-21

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    Web page: http://www.pte.umk.pl

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    Keywords: Taylor Rule; monetary policy; Poland;

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