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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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    References listed on IDEAS

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    4. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
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    7. Padilla, A Jorge & Pagano, Marco, 1997. "Endogenous Communication among Lenders and Entrepreneurial Incentives," Review of Financial Studies, Society for Financial Studies, vol. 10(1), pages 205-236.
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    Cited by:

    1. repec:eee:riibaf:v:41:y:2017:i:c:p:37-53 is not listed on IDEAS
    2. 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.
    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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