Implementing Inflation Targeting Regimes: The Case of Poland

Abstract

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How do monetary policy tools work? An investigation on monetary transmission mechanism in Iran

“…Systematically, there are various functions of monetary mechanism channels in different countries. These functions depend on financial development, banking system health, development of capital markets and the structure of economy (Cecchetti & Ehrmann, 1999;Gottschalk & Moore, 2001). There are various characteristics on macroeconomic variables and the structural circumstances of the economy such as monetization, cash payments system, size of informal sector of economy, openness degree of economy to detect the relationship between financial conditions and investment decisions of the households and various agencies by themselves.…”

The multi-regime bank lending channel and the effectiveness of the Polish monetary policy transmission during transition

“…18 Empirical studies using vector autoregressive models confirm that monetary policy was relatively ineffective during the attenuation regime. Gottschalk and Moore (2001) provide evidence of weak linkages between the policy-influenced three-month treasury bill rate and 17 The important decline in all spreads in the first half of 1994 resulted from structural excess liquidity in the banking system, which decreased the yield of treasury bills as Fig. 1 indicates and subsequently the loan interest rates, rather than from enhanced monetary policy effectiveness.…”

“…In a deterministic environment without any stochastic disturbances, we invert the policy rule by modeling the central bank as operating on interest rates rather than controlling base money. The interest rate control assumption reflects the actual conduct of monetary policy in Poland since 1994 and is often used in empirical studies on Poland, e.g., Gottschalk and Moore (2001). According to Osiński (1999) and Osiński (1997, 1998), the NBP was setting a one-day reverse repo interest rate and was controlling the tomorrow to the next day Warsaw Interbank Offer Rate (T/N WIBOR) in the 1994 to 1995 period.…”

A dynamic analysis of output, energy consumption, and CO2emissions in Malaysia

“…Then, with the findings that they are integrated of the same order, we apply a VAR-based cointegration test developed by Johansen and Juselius (1990) to examine their long-run relation. The finding of cointegration among the variables implies that their dynamic interactions could be modeled using a level VAR or a vector errorcorrection model (VECM) (Ramaswamy and Slok, 1998;Gottschalk and Moore, 2001). Accordingly, with the findings of cointegration, we first examine their Granger causal interactions in a VECM setting (Acaravci and Ozturk, 2010).…”