Inflation targeting in emerging economies: The assessment of the Polish experience (1995-2015)

Authors

  • Jean-Christophe Poutineau CREM, UMR CNRS 6211, Université de Rennes I, Rennes, France
  • Gauthier Vermandel Université Paris-Dauphine & PSL Research University, Paris, France

Keywords:

monetary policy, Taylor rule, DSGE model, Bayesian estimation

Abstract

The aim of this paper is to assess the Polish monetary policy experience between 1995Q1 and 2014Q4 in the light of the three equation new Keynesian model estimated with Bayesian econometrics. Our results show that the National Bank of Poland has performed relatively well in stabilizing activity and infl ation as the results observed are very close to the ones obtained under either an aggressive simple interest rule.

References

An, S., Schorfheide, F., 2007, Bayesian Analysis of DSGE Models, Econometric Reviews, 26 (2–4), pp. 113–172.
View in Google Scholar

Brzoza-Brzezina, M., 2006, The Information Content of the Neutral Rate of Interest, Econo- mics of Transition 14 (2), pp. 391–412.
View in Google Scholar

Calvo, G.A., 1983, Staggered Prices in a Utility-maximizing Framework, Journal of Monetary Economics 12 (3), pp. 383–398.
View in Google Scholar

Clarida, R., Gali, J., Gertler, M., 1999, The Science of Monetary Policy: A New Keynesian Perspective, Journal of Economic Literature 37, pp. 1661–1707.
View in Google Scholar

Kolasa, M., 2009, Structural Heterogeneity or Asymmetric Shocks? Poland and the Euro Area Through the Lens of a Two-country DSGE Model, Economic Modelling 26 (6), pp. 1245–1269.
View in Google Scholar

Lyziak, T., Przystupa, J., Stanislawska, E., Wrobel, E., 2011, Monetary Policy Transmission Disturbances during the Financial Crisis : A Case of an Emerging Market Economy, Eastern European Economics, 49 (5), pp. 75–96.
View in Google Scholar

Miao, J., 2014, Economic Dynamics in Discrete Time, MIT Press.
View in Google Scholar

Poutineau J.-C., Sobczak K., Vermandel G. (2015), The Analytics of the New Keynesian 3-equation, Poznan University Economic Review, vol. 1(2), pp. 110–129.
View in Google Scholar

Smets, F., Wouters, R., 2003, An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area, Journal of the European Economic Association, 1 (5), pp. 1123–1175.
View in Google Scholar

Smets, F., Wouters, R., 2007, Shocks and Frictions in Us Business Cycles: A Bayesian DSGE Approach, American Economic Review, 97 (3), pp. 586–606.
View in Google Scholar

Downloads

Published

2017-06-30

Issue

Vol. 2 No. 1 (2017)

Section

Articles

License

Copyright (c) 2017 Poznań University of Economics and Business

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.