MONETARY POLICY RULE FOR POLAND – RESULTS FOR VARIOUS SPECIFACTIONS

Pawel Baranowski

Oeconomia Copernicana, 2011, vol. 2, issue 3, 5-21

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.

Keywords: Taylor Rule; monetary policy; Poland (search for similar items in EconPapers)
JEL-codes: C38 E31 E43 E52 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pes:ieroec:v:2:y:2011:i:3:p:5-21

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