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Monetary Policy Rule For Poland – Results For Various Specifactions

Author

Listed:
  • Pawel Baranowski

    (University of Lodz)

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.

Suggested Citation

  • Pawel Baranowski, 2011. "Monetary Policy Rule For Poland – Results For Various Specifactions," Oeconomia Copernicana, Institute of Economic Research, vol. 2(3), pages 5-21, September.
    • Handle: RePEc:pes:ieroec:v:2:y:2011:i:3:p:5-21
    DOI: 10.12775/OeC.2011.010
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    File URL: http://dx.doi.org/10.12775/OeC.2011.010
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    Cited by:

    1. Piotr Krajewski, 2016. "Heterogeneity of households and the effects of fiscal policy in CEE countries," Lodz Economics Working Papers 2/2016, University of Lodz, Faculty of Economics and Sociology.

    More about this item

    Keywords

    Taylor Rule; monetary policy; Poland;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

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