Stabilność finansowa a polityka pieniężna po globalnym kryzysie finansowym
Financial Stability and Monetary Policyb After the Global Financial Crisis

Summary/Abstract: Central bank’s involvement in financial stability is no longer questioned. Yet doubts arise when monetary policy instruments are used to reduce financial imbalances. The purpose of the article is to verify whether, after the global financial crisis, central banks use interest rates as a macroprudential instrument. In order to do this, the author extends central bank’s reaction function by including a credit-to-GDP gap and estimates this function using quarterly data for 10 countries in the period between 1999 and 2017. Comparison of the significance of Taylor rule parameters between two periods (before and after the global financial crisis) confirms that after the global financial crisis central banks pay more attention to the phase of the credit cycle when setting interest rates. The results of the study suggest the reasonability of including the financial variable in models reflecting the monetary policy stance (apart from the deviation of inflation from the target and the output gap).

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