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Making monetary policy in Poland: Are Polish hawks and doves different?

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  • Kokoszczyński, Ryszard
  • Mackiewicz-Łyziak, Joanna

Abstract

In this study we analyse the voting behaviour of the Monetary Policy Committee (MPC) in Poland, applying a panel probit model using an original, hand-collected dataset of 48 MPC members and 168 votes from 2000 to 2022. We determine voting behaviour (hawkish vs. dovish) using personal characteristics of gender, age, education, previous career as well as the appointing institution for each member and shocks experienced in their working-age adulthood. We find that previous experience in politics and experience of the Polish transformation increases the probability of dovish behaviour. We also reveal evidence of a higher probability of hawkish votes from Senate appointees and former financial sector representatives. No other personal examined characteristics or experiences seem to influence Polish MPC members’ voting behaviour.

Suggested Citation

  • Kokoszczyński, Ryszard & Mackiewicz-Łyziak, Joanna, 2024. "Making monetary policy in Poland: Are Polish hawks and doves different?," European Journal of Political Economy, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:poleco:v:81:y:2024:i:c:s0176268023001258
    DOI: 10.1016/j.ejpoleco.2023.102481
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    More about this item

    Keywords

    Monetary policy; Voting behaviour; Experience effects; Central banks; Panel data;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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