Kiel Working Papers, Kiel Institute for World Economics
No 956:
Implementing Inflation Targeting Regimes ; The Case of Poland
Jan Gottschalk and David Moore
Abstract: This paper assesses the prospects for the new Polish
monetary policy strategy of inflation targeting. Regarding the general
requirements for implementing an inflation targeting strategy it appears
that Poland has made sufficient progress in reducing fiscal dominance and
hardening budget constraints. The paper also finds that the exchange rate
has played a dominant role as a policy instrument, with the linkages
between the short-term interest rate and inflation remaining unclear. Given
this uncertainty, modification of some details of the strategy such as
widening the target range or lengthening the target horizon might be
helpful.
Keywords: inflation targeting, transmission mechanism in Poland; (follow links to similar papers)
JEL-Codes: E52; E58; (follow links to similar papers)
48 pages, October 1999
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