Poland paper analyses asymmetric policy


A working paper published by the National Bank of Poland, in October, says the central bank reacts more strongly to the levels of inflation and economic activity when they are high, rather than when they are low.

The author, Anna Sznajderska, says this could be the result of the country's inflation-targeting regime and the need of the central bank to build credibility. "Thus, it appears that the [National Bank of Poland] has rather inflation-avoidance preferences and not the recession-avoidance

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