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Reakcja polityki pieniężnej na wydarzenia giełdowe

Author

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  • Łukasz Goczek
  • Karol Partyka

Abstract

Celem artykułu jest analiza reakcji polityki pieniężnej Narodowego Banku Polskiego na wydarzenia giełdowe. W badaniu empirycznym wykorzystano ramy teoretyczne reguły Taylora w celu ustalenia czy zmiany polityki monetarnej w Polsce wykazują oznaki przeciwdziałania fluktuacjom giełdowym niewynikającym ze stabilizacji inflacji i luki popytowej. W trakcie badań oszacowano serię bayesowsko uśrednianych modeli wektorowej korekty błędem (VECM) przy użyciu danych miesięcznych dla lat 2001–2015. Uzyskane wyniki pozwalają argumentować, że polityka pieniężna istotnie reaguje na wzrosty na rynku giełdowym w celu amortyzacji ich wpływu na gospodarkę. Efekt ten zaobserwowano zarówno dla nominalnych, jak i realnych stóp procentowych. Tym samym polityka Narodowego Banku Polskiego ma empirycznie obserwowalny charakter opierania się wiatrowi.

Suggested Citation

  • Łukasz Goczek & Karol Partyka, 2016. "Reakcja polityki pieniężnej na wydarzenia giełdowe," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5, pages 27-50.
    • Handle: RePEc:sgh:gosnar:y:2016:i:5:p:27-50
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    Cited by:

    1. Łukasz Goczek & Karol Partyka, 2017. "Polityka pieniężna i ceny nieruchomości w krajach OECD w modelu losowych współczynników," Collegium of Economic Analysis Annals, Warsaw School of Economics, Collegium of Economic Analysis, issue 47, pages 101-112.

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    More about this item

    Keywords

    ceny aktywów; polityka pieniężna; bańki spekulacyjne; badanie empiryczne; polityka opierania się wiatrowi;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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