- Author
- Koloch Grzegorz (Szkoła Główna Handlowa w Warszawie), Kozłowski Wojciech (Szkoła Główna Handlowa w Warszawie), Piękoś Piotr (Szkoła Główna Handlowa w Warszawie)
- Title
- On Patterns in Economic Data and Monetary Councils Decisions
- Source
- Roczniki Kolegium Analiz Ekonomicznych / Szkoła Główna Handlowa, 2007, nr 17, s. 187-202, tab., bibliogr. 16 poz.
- Issue title
- Discovering patterns in economic data
- Keyword
- Wspólna Polityka Monetarna, Stopa procentowa, Cykl koniunkturalny
Common Monetary Policy, Interest rate, Business cycles - Note
- summ.
- Abstract
- The paper presents an attempt to identify decision rules which emulate policy decisions of monetary councils (councils) in Poland, United States and Japan. Policy decisions are defined as decisions concerning target interest rate changes. Generated decision rules emulate therefore monetary authorities' reaction function or policy rules. Accuracy of these rules is measured by the ratio of instances (decisions) correctly classified to the number of all instances under consideration. We take data-mining approach. Short term interest rate is a key monetary authorities' means of stabilizing business cycle in a short run. Friedman and Schwartz (1963) represents probably most influential empirical evidence that money matters for business-cycle fluctuation, and motivation for that kind of stabilizing policy.(original abstract)
- Accessibility
- The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics - Bibliography
-
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- Friedman, M., Schwartz, A., A Monetary History of the United States, 1867-1960, Princeton University Press, 1932.
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- Jenkins, P., Longworth, D., Monetary policy and Uncertainty, Bank of Canada Rewiev, Summer 2002.
- Goodfriend, M., Monetary Policy in the New Neoclassical Synthesis: A Primer, Federal Reserve Bank of Richmond, International Finance Conference on "Stabilizing the Economy", July 2002.
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- King, R. G., Watson, M.W., Money, Prices, Interest Rates and Business Cycle, Review of Economics and Statistics, 78 (1), February, 1996, 35 - 53.
- Kydland, F. E., Prescott, E. C., Business Cycles: Real Facts and Monetary Myth, Federal Reserve Bank of Minneapolis Quarterly Review, 14, Spring 1990, 3-18.
- Lepper, E. M., Sims, C. A., Zha, T., What Does Monetary Policy Do?, Brookings Papers on Economic Activity, 2,1996,1-61.
- Lucas, R.E., Expectations and the Neutrality of Money, Journal of Economic Theory, 4 (2), April 1972, 103-124.
- Levin, A., Wieland, V., and Williams J. C., Robustness of Simple Monetary Policy Rules under Model Uncertainty, in: Monetary Policy Rules, J. B. Taylor ed. University of Chicago Press.
- Sims, C. A Review of Monetary Policy Rules, Journal of Economic Literature, 39.
- Taylor, J. B., Discretion Versus Policy Rules in Practice, Camegie-Rochester Conference Series on Public Policy (39), 1993, p. 193 - 215.
- Walsch, C. E. Monetary Theory and Policy, 2nd ed., The MIT Press, Cambridge, Massachusetts.
- Williams, J.C., Simple Rules for Monetary Policy, Board of Governors of the Federal Reserve System, February 1999.
- Cited by
- ISSN
- 1232-4671
- Language
- eng
