Badanie kryteriów monetarnych konwergencji nominalnej w modelu DSGE nowej szkoły keynesowskiej

Karolina Sobczak

Abstract

The aim of this paper is to analyse how monetary criteria of nominal convergence, which rely to interest rate, inflation and exchange rate, affect economy and monetary policy if monetary authorities account for the criteria. To this end we present a model of the New Keynesian school in which there is a description of monetary policy. Conducting their policy, monetary authorities exploit Taylor rule. We propose various forms of this rule that refer to relation with given monetary convergence criterion. In the study we analyse monetary policy in respect of accounting for the criteria. We compare reaction of the model variables depending on chosen monetary policy scenario. In the paper we show that when monetary policy take into account the nominal convergence criteria, then it influences both nominal and real side of economy. In particular we display that introducing the criteria in to the interest rate rule does not have any negative impact on real economic convergence.