Are Central Banks In CEE Countries Concerned About The Burden Of Public Debt?

Joanna Mackiewicz-Łyziak

doi:10.1515/cer-2017-0003

Autor

Joanna Mackiewicz-Łyziak Warsaw University, Faculty of Economic Sciences

DOI:

https://doi.org/10.1515/cer-2017-0003

Słowa kluczowe:

polityka pieniężna, dług publiczny, reguła Taylora, zmiana reżimu

Abstrakt

Celem badania jest analiza reguł polityki pieniężnej w Czechach, Polsce i na Węgrzech, z długiem jako dodatkową zmienną objaśniającą. Estymowana jest liniowa reguła przy użyciu Uogólnionej Metody Momentów oraz reguła nieliniowa przy użyciu modelu przełącznikowego Markova. Wyniki badania sugerują, że w Czechach i Polsce władze monetarne reagowały na rosnący dług obniżaniem stóp procentowych, podczas gdy na Węgrzech reakcja była odwrotna. Ponadto, wyróżniamy pasywny i aktywny reżim polityki pieniężnej, przy czym reżim aktywny charakteryzuje się niższym stopniem wygładzania stóp procentowych i silniejszą reakcją banku centralnego na inflację i/lub lukę produktową. W reżimie pasywnym luka produktowa okazuje się być statystycznie nieistotna.

Pobrania

Brak dostępnych danych do wyświetlenia.

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