Reakcja polityki pieniężnej na wydarzenia giełdowe

Łukas Goczek and Karol Partyka

Gospodarka Narodowa-The Polish Journal of Economics, 2016, vol. 2016, issue 5

Abstract: The aim of the article is to analyze how the monetary policy of the National Bank of Poland responds to developments on the stock market. The empirical study uses the theoretical framework of the so-called Taylor Rule to determine whether changes in monetary policy in Poland show signs of counteracting stock market fluctuations not related to the stabilization of inflation and the output gap. In the study, a series of Bayesian averaged vector error correction models (VECM) were estimated using monthly data for the years 2001–2015. The obtained results make it possible to argue that monetary policy reacts to significant spikes on the stock market to cushion their impact on the economy. Thus, the policy aims to have a stabilizing effect on capital markets.

Keywords: Financial; Economics (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:ags:polgne:359100

DOI: 10.22004/ag.econ.359100

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