Selecting inflation indicators under an inflation targeting regime: evidence from the MCL method
AbstractThis paper seeks to fill a gap in the literature by analyzing inflation in Poland, one of only two transition economies that have adopted a strict inflation-targeting policy. The paper also introduces a new method for selecting inflation indicators. Consistent with the earlier literature, empirical results find a strong link between the producer price index and consumer price index in Poland. This shows the importance of the manufacturing sector in determining the price level in the country. Overall, wages, broad money supply and the exchange rate are good indicators of inflation.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 16/2004.
Length: 31 pages
Date of creation: 01 Sep 2004
Date of revision:
Contact details of provider:
Postal: Bank of Finland, BOFIT, P.O. Box 160, FI-00101 Helsinki, Finland
Phone: + 358 10 831 2268
Fax: + 358 10 831 2294
Web page: http://www.suomenpankki.fi/bofit_en/
More information through EDIRC
inflation; Poland; MCL method;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mishkin, F.S., 1998.
"International Experiences with Different Monetary Policy Regimes,"
648, Stockholm - International Economic Studies.
- Frederic S. Mishkin, 1999. "International Experiences with Different Monetary Policy Regimes," NBER Working Papers 6965, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 2000. "International Experiences with Different Monetary Policy Regimes," NBER Working Papers 7044, National Bureau of Economic Research, Inc.
- Mishkin, Frederic S., 1998. "International Experiences With Different Monetary Policy Regimes," Seminar Papers 648, Stockholm University, Institute for International Economic Studies.
- International Monetary Fund, 2002. "Republic of Poland: Selected Issues and Statistical Appendix," IMF Staff Country Reports 02/128, International Monetary Fund.
- Thierry Pujol & Mark E. L. Griffiths, 1996. "Moderate Inflation in Poland: A Real Story," IMF Working Papers 96/57, International Monetary Fund.
- Kim, Byung-Yeon, 2001. "Determinants of Inflation in Poland: A Structural Cointegration Approach," BOFIT Discussion Papers 16/2001, Bank of Finland, Institute for Economies in Transition.
- Svensson, Lars E O, 1998.
"Open-Economy Inflation Targeting,"
CEPR Discussion Papers
1989, C.E.P.R. Discussion Papers.
- Svensson, Lars E.O., 1998. "Open-Economy Inflation Targeting," Seminar Papers 638, Stockholm University, Institute for International Economic Studies.
- Svensson, L.E.O., 1998. "Open-Economy Inflation Targeting," Papers 638, Stockholm - International Economic Studies.
- Lars E. O. Svensson, 2000. "Open-Economy Inflation Targeting," NBER Working Papers 6545, National Bureau of Economic Research, Inc.
- Laurence Ball & Niamh Sheridan, 2004.
"Does inflation targeting matter?,"
DNB Staff Reports (discontinued)
118, Netherlands Central Bank.
- Peter F. Christoffersen & Robert F. Westcott, 1999. "Is Poland Ready for Inflation Targeting?," IMF Working Papers 99/41, International Monetary Fund.
- Frederic S. Mishkin, 2002. "Does inflation targeting matter? - commentary," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 149-154.
- Welfe, Aleksander, 2000. "Modeling inflation in Poland," Economic Modelling, Elsevier, vol. 17(3), pages 375-385, August.
- Hoda Abdel-Ghaffar Yousse, 2007. "Towards Inflation Targeting in Egypt: Fiscal and institutional reforms to support disinflation efforts," European Economy - Economic Papers 288, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Päivi Määttä).
If references are entirely missing, you can add them using this form.