Efekt ogłoszeń jako wyraz przejrzystości polityki pieniężnej
Announcement Effect as the Reflection of the Transparency of Monetary Policy

Summary/Abstract: The paper presents the results of the research on the announcement effect of the decisions taken by the Monetary Policy Council about the change or no-change of the reference interest rate on the market interest rates seen in the Polish money market. The analysis covers the period of 1999-2011, when the BCI strategy was implemented and a new information policy was started to improve the communication between the central bank and the economic environment. Using 152 incidents, the author analysed the reaction of the WIBOR and FRA rates to the decisions concerning the reference interest rate. The results of the analysis indicate that the market reacts properly to the decisions taken by the monetary authority, foreseeing correctly the direction of the monetary policy both in the case of the increase of the basic interest rate and in the case of its decrease. The reaction of the market is strongest in case of short-term instruments as could be expected. The reactions are stronger to the increase of the basic rate than to its decrease. The analysis evidences that the introduction of the new means of communication between the central bank and the monetary market improves the speed of reaction to the decisions of monetary authority.

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