Asymmetric effects in the Polish monetary policy rule |
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| Institution: | 1. Department of Statistics and Quantitative Methods, University of Milano-Bicocca, Piazza dell’Ateneo Nuovo 1, 20126 Milano, Italy;2. CNRS, Centre d’Economie de la Sorbonne, Université Paris I Panthéon-Sorbonne, Maison des Sciences Economiques, 106-112 Boulevard de l’Hôpital 75647 Paris Cedex 13, France;3. Department of Methods and Models for Economics, Environment and Finance Sapienza University of Rome, via del Castro Laurenziano 9, Rome 00161, Italy;1. School of Economics and Management, Shanghai Maritime University, Shanghai 201306, China;2. College of Information and Management Science, Henan Agricultural University, Zhengzhou 450002, China;3. Research Center of Logistics, Shanghai Maritime University, Shanghai 201306, China;1. University of Liverpool, United Kingdom;2. Xi''an Jiaotong-Liverpool University, P.R. China;3. Queen''s University Belfast, United Kingdom;1. School of Finance, Southwestern University of Finance and Economics, Chengdu, China;2. Institute of Chinese Financial Studies, Southwestern University of Finance and Economics, Chengdu, China;3. Collaborative Innovation Center of Financial Security, Southwestern University of Finance and Economics, China;4. Business School, University of Western Australia, Perth, Australia;5. Sustainability Policy Institute, Curtin University, Perth, Australia;1. University of Warsaw, Faculty of Economic Sciences, Poland; University of Illinois, Urbana, IL 61801-3671, United States;2. University of Illinois, Regional Economics Applications Laboratory, Urbana, IL 61801-3671, United States |
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| Abstract: | In this paper we investigate whether the reaction function of the National Bank of Poland (NBP) is asymmetric according to the level of inflation gap and the level of output gap. Moreover, we test whether these asymmetries might possibly stem from nonlinearities in the Phillips curve. Threshold models are applied and two cases of unknown and known threshold values are investigated. Our results show that the Polish central bank responds more strongly to the level inflation when the level of inflation is relatively high. We find very weak evidence that the level of inflation reacts more strongly to the output gap when the output gap is relatively high. Thus, the asymmetries in the monetary policy rule seem to indicate asymmetric preferences of the central bank. |
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