Central bank transparency and credibility: The case of Poland, 1998-2004

European Journal of Political Economy

Volumn 23, Issue 1, 2007, Pages 67-87

  Łyziak, Tomasz ^a   Mackiewicz, Joanna ^b   Stanisławska, Ewa ^a  

^a NATIONAL BANK OF POLAND   (Poland)

^b UNIVERSITY OF WARSAW   (Poland)

Author keywords

Credibility; Expectations; Inflation targeting; Polish economy; Transparency

Indexed keywords

EID: 33846921332     PISSN: 01762680     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ejpoleco.2006.05.004     Document Type: Article

References (47)

1. Albagli E., and Schmidt-Hebbel K. By How Much And Why Inflation Targeters Miss Their Targets? (2004), Central Bank of Chile, Santiago
2. Baghestani H., and Kianian A.M. On the rationality of US macroeconomic forecasts: evidence from a panel of professional forecasters. Applied Economics 25 (1993) 869-878
3. Barro R., and Gordon D. A positive theory of monetary policy in a natural rate model. Journal of Political Economy 91 (1983) 589-610
4. Blinder A.S. Central bank credibility: why do we care? How do we build it?. The American Economic Review 90 (2000) 1421-1431
5. Bomfim A., and Rudebusch G. Opportunistic and deliberate disinflation under imperfect credibility. Journal of Money, Credit and Banking 32 (2000) 707-721
6. Carroll Ch. Macroeconomic expectations of households and professional forecasters. Quarterly Journal of Economics 118 (2003) 269-298
7. Cecchetti S., and Krause S. Central bank structure, policy efficiency, and macroeconomic performance: exploring empirical relationships. Federal Reserve Bank of St. Louis Review 84 (2002) 47-59
8. Chortareas G., Stasavage D., and Sterne G. Does it pay to be transparent? International evidence from central bank forecasts. Federal Reserve Bank of St. Louis Review 84 (2002) 99-117
9. Christoffersen P.F., and Wescott R.F. Is Poland ready for inflation targeting?. Working Paper vol. 99/41 (1999), International Monetary Fund, Washington, DC
10. Clare A., and Courtenay R. What can we learn about monetary policy transparency from financial market data?. Discussion Paper vol. 06/01 (2001), Economic Research Centre, Deutsche Bundesbank, Berlin
11. Coppel J., and Connolly E. What do financial market data tell us about monetary policy transparency?. Research Discussion Paper vol. 2003-05 (2003), Reserve Bank of Australia, Sydney
12. Corbo V., Landerretche O., and Schmidt-Hebbel K. Does inflation targeting make a difference?. Working Paper vol. 106 (2001), Central Bank of Chile, Santiago
13. Cukierman A., and Meltzer A. The theory of ambiguity, credibility, and inflation under discretion and asymmetric information. Econometrica 54 (1986) 1099-1128
14. Eijffinger S., and Geraats P. How transparent are central banks?. European Journal of Political Economy 22 (2006) 1-21
15. Eijffinger S., Hoeberichts M., and Schaling E. Why money talks and wealth whispers: monetary uncertainty and mystique. Journal of Money, Credit, and Banking 32 (2000) 218-235
16. Faust J., and Svensson L. Transparency and credibility: monetary policy with unobservable goals. NBER Working Paper vol. 6452 (1998), National Bureau of Economic Research, Cambridge, MA
17. Forsells M., and Kenny G. The rationality of consumers' inflation expectations: survey-based evidence for the euro area. Journal of Business Cycle Measurement and Analysis 1 (2004) 13-42
18. Fracasso A., Genberg H., and Wyplosz Ch. How do central banks write? An evaluation of inflation targeting central banks. Geneva Reports on the World Economy Special Report vol. 2 (2003)
19. Friedman B. Why the Federal Reserve should not adopt inflation targeting. Paper presented at the Annual Meeting of the American Economic Association, San Diego (2004)
20. Geraats P. Why adopt transparency? The publication of central bank forecasts. ECB Working Paper vol. 41 (2001), European Central Bank, Frankfurt am Main
21. Hahn V. Transparency in monetary policy: a survey. IFO Studien 48 (2002) 429-455
22. Haldane A., and Read V. Monetary policy surprises and the yield curve. Working Paper vol. 106 (2000), Bank of England, London
23. Hutchison M., and Walsh C. The output-inflation trade-off and central bank reform: evidence from New Zealand. Economic Journal 108 (1998) 703-725
24. Jarmużek M., Orłowski L.T., and Radziwiłł A. Monetary policy transparency in inflation targeting countries: the Czech Republic, Hungary and Poland. Studies and Analyses vol. 281 (2004), Centre for Social and Economic Research, London
25. Jensen H. Optimal degrees of transparency in monetary policy-making. Working Paper (2000), University of Copenhagen, Copenhagen
26. Jonas J., and Mishkin F.S. Inflation targeting in transition economies: experience and prospects. NBER Working Paper vol. 9667 (2003), National Bureau of Economic Research, Cambridge, MA
27. King M. How should central banks reduce inflation? Conceptual issues. Federal Reserve Bank of Kansas City Economic Review 83 (1996) 5-32
28. Kłos B., Kokoszczyński R., Łyziak T., Przystupa J., and Wróbel E. Structural econometric models in forecasting inflation at the National Bank of Poland. Paper vol. 31 (2005), National Bank of Poland, Warsaw
29. Kokoszczyński R. Poland before the euro. Journal of Public Policy 22 (2002) 199-215
30. Kokoszczyński R. Współczesna polityka pienie{ogonek}żna w Polsce [Contemporary monetary policy in Poland] (2004), PWE, Warsaw
31. Kokoszczyński, R., Łyziak, T., Przystupa, J., Wróbel, E., in press. Analysing monetary policy stance: the case of Poland. In: Focus on Monetary Policy Issues, NOVA Publishers.
32. Kydland F., and Prescott E. Rules rather than discretion: the inconsistency of optimal plans. Journal of Political Economy 85 (1977) 473-492
33. Lloyd Jr. B.T. Survey measures of expected U.S. inflation. Journal of Economic Perspectives 13 (1999) 125-144
34. Łyziak T. Inflation targeting and consumer inflation expectations in Poland. A success story?. Journal of Business Cycle Measurement and Analysis 2 (2005) 185-212
35. In: Mahadeva L., and Sterne G. (Eds). Monetary Policy Frameworks in a Global Context (2000), Routledge, London
36. Mankiw G.N., and Reis R. Sticky information versus sticky prices: a proposal to replace the New Keynesian Phillips Curve. Quarterly Journal of Economics 117 (2002) 1295-1328
37. Mankiw G.N., Reis R., and Wolfers J. Disagreement about inflation expectations. NBER Working Paper vol. 9796 (2003), National Bureau of Economic Research, Cambridge, MA
38. Mishkin F., and Schmidt-Hebbel K. One decade of inflation targeting in the world: what do we know and what do we need to know?. Working Paper vol. 101 (2001), Central Bank of Chile, Santiago
39. Muller P., and Zelmer M. Greater transparency in monetary policy: impact on financial markets. Technical Report vol. 86 (1999), Bank of Canada, Ottawa
40. Newey W.K., and West K.D. A simple, positive definite heteroscedasticity and autocorrelation consistent covariance matrix. Econometrica 55 (1987) 703-708
41. Polański Z. Poland and the European Union: the monetary policy dimension. Monetary policy before Poland's accession to the European Union. Bank i Kredyt vol. 5 (2004), National Bank of Poland, Warsaw
42. Schmidt-Hebbel K., and Tapia M. Monetary policy implementation and results in twenty inflation-targeting countries. Working Paper vol. 166 (2002), Central Bank of Chile, Santiago
43. Swanson E.T. Federal Reserve transparency and financial market forecasts of short-term interest rates. Finance and Economics Discussion Series 2004-06 (2004), Board of Governors of the Federal Reserve System, Washington, DC
44. Thornton D.L. Monetary policy transparency: Transparent about what?. Working Paper 2002-028B (2002), Federal Reserve Bank of St. Louis, St. Louis
45. Winkler B. Which kind of transparency? On the need for clarity in monetary policy-making. ECB Working Paper vol. 26 (2000), European Central Bank, Frankfurt am Main
46. Ziarko-Siwek U. Ocena efektywności informacyjnej wybranych segmentów rynku finansowego w Polsce [Assessment of information efficiency of selected segments of the financial market in Poland]. Materiały i Studia vol. 178 (2004), National Bank of Poland, Warsaw
47. Zieliński J. Transparency of monetary policy in Poland: yield curve responses to changes in official interest rates. National Bank of Poland Paper vol. 20 (2001), National Bank of Poland, Warsaw