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Czasopismo
2017 | 13 | nr 1 | 15--24
Tytuł artykułu

Monetary Policy in Poland : How the Financial Crisis Changed the Central Bank's Preferences

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The aim of the study is to analyze the preferences of the Polish central bank concerning inflation and output gap stabilization and verification, and whether these preferences changed after the beginning of the global financial crisis. For this purpose Taylor rules are estimated by the means of GMM (linear Taylor rule) and LS with breakpoints (nonlinear Taylor rule) estimation methods. We find that the smoothing parameter decreased, the weight of the output gap increased and the weight of inflation decreased after the outburst of the crisis. Moreover, we calculate ex-post interest rate simulations to compare the actual interest rates set by the NBP with a hypothetical situation of no change in the central bank's preferences. The results suggest that the interest rates set by the NBP were significantly lower in comparison with the no-change scenario, in particular in the first quarters after the beginning of the crisis. (original abstract)
Czasopismo
Rocznik
Tom
13
Numer
Strony
15--24
Opis fizyczny
Twórcy
  • Warsaw University, Poland
Bibliografia
  • Arlt, J., Mangel, M. (2014). The Reaction Function of Three Central Banks of Visegrad Group. Prague Economic Papers, 3(2014), 269-289.
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  • Clarida, R., Gali, J., Gertler, M. (1998). Monetary Policy Rules in Practice. Some International Evidence. European Economic Review, 42 (6), 1033-1067.
  • Clarida, R., Gali, J., Gertler, M. (2000). Monetary Policy and Macroeconomic Stability: Evidence and Some Theory. The Quarterly Journal of Economics, 115(1), 147-166.
  • Frömmel, M., Schobert, F. (2006). Monetary Policy Rules in Central and Eastern Europe. Discussion Paper No. 341, University of Hannover.
  • Giavazzi, F., Giovannini, A. (2010). The Low-interest-rate Trap. www.voxeu.org, 19 July 2010.
  • Judd, J., Rudebusch, G. (1998). Taylor's Rule and the Fed, 1970-1997. Economic Review, 3. Federal Reserve Bank of San Francisco, 3- 16.
  • Leijonhufvud, A. (2008). Central Banking Doctrine in Light of the Crisis. www.voxeu.org, 13 May 2008.
  • Mackiewicz-Łyziak, J. (2015, June). Monetary Policy Rules in CEE Countries with Inflation Targeting - the Case of the Czech Republic, Hungary and Poland. Paper presented at the 7th International Conference "Economic Challenges in Enlarged Europe", Tallinn, Estonia.
  • Maria-Dolores, R. (2005). Monetary Policy Rules in Accession Countries to EU: Is the Taylor Rule a Pattern?. Economics Bulletin, 5(5), 1-16.
  • Mohanty, M.S., Klau, M. (2004). Monetary Policy Rules in Emerging Market Economies: Issues and Evidence. BIS Working Papers No. 149.
  • Svensson, L.E.O. (2010, February). Inflation Targeting After the Financial Crisis. Speech at the International Research Conference "Challenges to Central Banking in the Context of Financial Crisis", Mumbai.
  • Sznajderska, A. (2014). Asymmetric Effects in the Polish Monetary Policy Rule. Economic Modelling, 36(2014), 547-556.
  • Taylor, J.B. (1993). Discretion Versus Policy Rules in Practice. Carnegie-Rochester Conference Series on Public Policy, 39(1), 195- 214.
  • Vasicek, B. (2010). The Monetary Policy Rules and the Inflation Process in Open Emerging Economies: Evidence for 12 New EU Members. Eastern European Economics, 48(4), 37-58.
  • Vasicek, B. (2012). Is Monetary Policy in New Member States Asymmetric? Economic Systems, 36(2), 235-263.
  • Williams, J.C. (1999). Simple Rules for Monetary Policy. Finance and Economics Discussion Series 1999-12, Federal Reserve Board.
  • Woodford, M. (2012). Inflation Targeting and Financial Stability. NBER Working Paper 17967.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171491340

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