BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 16/2004:
Selecting inflation indicators under an inflation targeting regime: evidence from the MCL method
Juha-Pekka Koskinen ()
, Tuuli Koivu ()
and Abdur Chowdhury ()
Abstract: This paper seeks to fill a gap in the literature by
analyzing inflation in Poland, one of only two transition economies that
have adopted a strict inflation-targeting policy. The paper also introduces
a new method for selecting inflation indicators. Consistent with the
earlier literature, empirical results find a strong link between the
producer price index and consumer price index in Poland. This shows the
importance of the manufacturing sector in determining the price level in
the country. Overall, wages, broad money supply and the exchange rate are
good indicators of inflation.
Keywords: inflation; Poland; MCL method; (follow links to similar papers)
31 pages, September 1, 2004
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