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Brzoza-Brzezina Michał
Korzyści z publikacji projekcji makroekonomicznych i ścieżki stóp procentowych w Polsce
Comparing the Benefits from Publishing Macroeconomic Projections and the Future Interest Rate Path in Poland
Bank i Kredyt, 2008, nr 12, s. 3-14, bibliogr. 27 poz.; aneks
Polityka pieniężna, Rola banku centralnego w gospodarce, Modele makroekonomiczne, Stopa procentowa
Monetary policy, Central bank's role in the economy, Macroeconomic models, Interest rate
streszcz., summ.
W opracowaniu porównane zostały korzyści z opublikowania projekcji makroekonomicznej i korzyści z dodatkowego opublikowania przyszłej ścieżki stóp procentowych przez bank centralny. Obliczenia oparte na neokeynesowskim modelu gospodarki polskiej przy założeniu pełnej wiedzy po stronie banku centralnego i procesu uczenia się (learning) po stronie podmiotów. W wykorzystanym modelu oba sposoby zwiększania stopnia przejrzystości wpływają na spadek wartości funkcji straty banku centralnego (uwzględniającej zmienność inflacji, luki popytowej i stóp procentowych). Korzyści z dodatkowego opublikowania ścieżki okazały się jednak znacznie mniejsze od korzyści z opublikowania projekcji. (abstrakt oryginalny)

We apply a New Keynesian, open economy model with learning to compare the benefits from the publication of macroeconomic projections and the future interest rate path in Poland. In this framework both sources of increased transparency generate net benefits, but the gains from showing a macro projection are substantially larger than those related to additionally publishing an interest rate path. (original abstract)
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