Work

Credible enough? Forward guidance and perceived National Bank of Poland’s policy rule

Year: 2015

Type: article

Abstract: Forward guidance effectiveness is conditional upon its credibility. This policy, when taken as credible, should reduce the perceived impact of macroeconomic variables on the interest rate. Using the Taylor rule framework and employing micro-level data set, we test the perception of monetary policy in Poland among professional forecasters. Our results show that the Taylor principle is violated in the forward guidance period, which provides evidence for forward guidance credibility.

Source: Applied Economics Letters

DOI: 10.1080/13504851.2015.1051651

Authors: Paweł Baranowski, Paweł Gajewski

Institutions: University of Łódź, National Bank of Poland

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W1504007066

FWCI: 9.912

Cites: 16

Cited by: 16

Related to: 10