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Credible enough? Forward guidance and perceived National Bank of Poland’s policy rule
(Faculty of Economics and Sociology of the University of Lodz, 2015-02)
Credible forward guidance should bring down the perceived impact of macroeconomic variables on the interest rate. Using a micro-level dataset we test the perception of monetary policy in Poland among professional forecasters ...
Changes in nominal rigidities in Poland – a regime switching DSGE perspective
(Faculty of Economics and Sociology of the University of Lodz, 2015-12)
We estimate a dynamic stochastic general equilibrium model that allows for regimes Markov switching (MS-DSGE). Existing MS-DSGE papers for the United States focus on changes in monetary policy or shocks volatility, ...