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Money in monetary policy Information variable? Channel of monetary transmission? What is its role in Poland?

Tomasz Łyziak, Jan Przystupa (), Anna Sznajderska () and Ewa Wróbel ()

No 135, NBP Working Papers from Narodowy Bank Polski, Economic Research Department

Abstract: The paper provides an overview of the literature on the role of monetary aggregates for conducting monetary policy and attempts to assess the role of these aggregates in the Polish monetary policy. We compare theoretical and empirical arguments which justify or undermine the need for usage of monetary aggregates by central banks, as well as arguments indicating related problems. We describe the most important areas of the discussion on the role of money in monetary policy. We present studies on the information content of money and the use of that information in the Polish central bank's monetary policy between 1998 and 2011.

Pages: 51
Date: 2012
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