| dc.contributor.author | Milo, Władysław | |
| dc.contributor.author | Bogusz, Dominika | |
| dc.contributor.author | Górajski, Mariusz | |
| dc.contributor.author | Ulrichs, Magdalena | |
| dc.date.accessioned | 2015-07-03T07:16:36Z | |
| dc.date.available | 2015-07-03T07:16:36Z | |
| dc.date.issued | 2013 | |
| dc.identifier.issn | 0208-6018 | |
| dc.identifier.uri | http://hdl.handle.net/11089/10548 | |
| dc.description.abstract | The paper contains results concerning theoretical and practical utility of a simple
optimal control model describing monetary policy rules. Solving this model enables to find useful
forms of optimal monetary rules for the two policy scenarios. They were derived for the given
form of linear VAR(s) state model describing the time evolution of deviations of logarithmic
values of GDP growth rates around its HP-filtered potential counterparts, empirical CPI inflation
rates around NBP-target rates and expected inflation rates around long-term trend expectations, as
well as, for the two forms of J-cost functionals expressing two paths of optimal NBP target
interest. Numerical values of these rates, obtained for Polish quarterly data, were the base both for
calculating corresponding to them values of target inflation rates, GDP-growth rates, and also for
making some remarks about their behaviour in comparison to their empirical counterparts. | pl_PL |
| dc.description.abstract | W artykule przestawiono wstępne wyniki badania dotyczącego zastosowania modelu
optymalnego sterowania opisującego reguły polityki pieniężnej. Rozwiązanie takiego modelu
umożliwiło znalezienie użytecznych form optymalnych reguł polityki pieniężnej w przypadku
przyjętych dwóch scenariuszy. Reguły te zostały wyprowadzone w oparciu o liniowy model
VAR(s) opisujący zmiany odchylenia logarytmów stóp wzrostu PKB od ich długookresowego
trendu, odchylenia empirycznych poziomów CPI od celu inflacyjnego NBP, odchylenia oczekiwań
inflacyjnych od ich długookresowego trendu, jak również w oparciu o dwie postaci funkcjonału J-pozwalające na wyznaczenie różnych trajektorii optymalnych poziomów stóp procentowych
NBP. Teoretyczne wartości tych stóp, ustalone w oparciu o polskie dane kwartalne, stanowiły
podstawę do określenia odpowiadających im poziomów inflacji, stóp wzrostu PKB jak również do
porównania ich z rzeczywistymi stopami procentowymi NBP. | pl_PL |
| dc.language.iso | en | pl_PL |
| dc.publisher | Wydawnictwo Uniwersytetu Łódzkiego | pl_PL |
| dc.relation.ispartofseries | Acta Universitatis Lodziensis, Folia Oeconomica;295 | |
| dc.subject | interest rates | pl_PL |
| dc.subject | central banks and their policies | pl_PL |
| dc.subject | VAR models | pl_PL |
| dc.subject | optimal rules of monetary policy | pl_PL |
| dc.title | Notes on some optimal monetary policy rules: the case of Poland | pl_PL |
| dc.title.alternative | O optymalnych regułach polityki pieniężnej: przypadek Polski | pl_PL |
| dc.type | Article | pl_PL |
| dc.page.number | [59]-77 | pl_PL |
| dc.contributor.authorAffiliation | University of Lodz, Department of Econometrics | pl_PL |
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