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Original scientific paper

Poland as an inflation nutter:The story of successful output stabilization

Maciej Ryczkowski ; Faculty of Economic Sciences and Management, Nicolaus Copernicus University, Toruń, Poland

Full text: english pdf 722 Kb

page 363-392

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The goal of the paper is to verify whether the National Bank of Poland (NBP)
follows pure inflation targeting. The contemporaneous and forward looking,
numerous Taylor rules estimated with the OLS and GMM methods provided weak
evidence of any significant importance attached by NBP to output stabilization in
the reaction function. The strong focus of NBP on its primary target has led to a
satisfactory performance of the central bank in stabilizing the real economy. This
suggests the basic conclusion that pure inflation targeters may perform equally
fine in stabilizing the real economy as countries which officially attach importance
to output stabilization.


Taylor rule, National Bank of Poland’s preferences, performance of output stabilization, inflation targeting, inflation-output trade-off

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Article data in other languages: croatian

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