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Poland as an inflation nutter:The story of successful output stabilization

Maciej Ryczkowski

Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, 2016, vol. 34, issue 2, 363-392

Abstract: The goal of the paper is to verify whether the National Bank of Poland (NBP) follows pure inflation targeting. The contemporaneous and forward looking, numerous Taylor rules estimated with the OLS and GMM methods provided weak evidence of any significant importance attached by NBP to output stabilization in the reaction function. The strong focus of NBP on its primary target has led to a satisfactory performance of the central bank in stabilizing the real economy. This suggests the basic conclusion that pure inflation targeters may perform equally fine in stabilizing the real economy as countries which officially attach importance to output stabilization.

Keywords: Taylor rule; National Bank of Poland’s preferences; performance of output stabilization; inflation targeting; inflation-output trade-off (search for similar items in EconPapers)
JEL-codes: E52 E58 E30 (search for similar items in EconPapers)
Date: 2016
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