On Patterns in Economic Data and Monetary Councils Decisions

• Authors: Koloch G. , Kozlowski W. , Piekos P.
• Languages of publication: EN

Abstracts

EN

In the paper an attempt to identify decision rules which emulate policy decisions of monetary councils (councils) in Poland, United States and Japan is presented. 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. Generated rules are meaningful. Most of them can be interpreted in terms of stabilizing policy, which stimulates output or decelerates inflation dependent on the evolution of economic situation in the domestic economy. This is consistent with the goal of monetary policy, which is to stabilize prices and (in case of USA) output fluctuations.

Keywords

EN

DATA MINING; FISCAL POLICY; MONETARY COUNCIL DECISIONS

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Warsaw School of Economics, Collegium of Economic Analysis
• Journal: Roczniki Kolegium Analiz Ekonomicznych
• Year: 2007
• Volume: 17
• Pages: 187-202
• Document type: ARTICLE

Contributors

author

Koloch G.

author

Kozlowski W.

author

Piekos P.

• G. Koloch, Szkola Glówna Handlowa w Warszawie, Studium Doktoranckie, al. Niepodleglosci 162, 02-554 Warszawa, Poland

Identifiers

CEJSH db identifier

08PLAAAA04288351