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dc.contributor.authorMilo, Władysław
dc.contributor.authorBogusz, Dominika
dc.contributor.authorGórajski, Mariusz
dc.contributor.authorUrlichs, Magdalena
dc.date.accessioned2015-07-03T07:16:36Z
dc.date.available2015-07-03T07:16:36Z
dc.date.issued2013
dc.identifier.issn0208-6018
dc.identifier.urihttp://hdl.handle.net/11089/10548
dc.description.abstractThe 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.abstractW 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.isoenpl_PL
dc.publisherWydawnictwo Uniwersytetu Łódzkiegopl_PL
dc.relation.ispartofseriesActa Universitatis Lodziensis, Folia Oeconomica;295
dc.subjectinterest ratespl_PL
dc.subjectcentral banks and their policiespl_PL
dc.subjectVAR modelspl_PL
dc.subjectoptimal rules of monetary policypl_PL
dc.titleNotes on some optimal monetary policy rules: the case of Polandpl_PL
dc.title.alternativeO optymalnych regułach polityki pieniężnej: przypadek Polskipl_PL
dc.typeArticlepl_PL
dc.page.number[59]-77pl_PL
dc.contributor.authorAffiliationUniversity of Lodz, Department of Econometricspl_PL
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