Polish paper scrutinises interest rate holds


A working paper, published by the National Bank of Poland, identifies the need to interpret interest rate holds differently in economic models, depending on the central bank's overall policy stance.

The paper – A Model for Ordinal Responses with an Application to Policy Interest Rate, by Andrei Sirchenko – observes that "no-change decisions commonly constitute an absolute majority" of central banks' policy rate decisions.

The National Bank of Poland's monetary policy committee (MPC) held its

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