The outbreak of the global financial crisis triggered changes in thinking about the way monetary policy is conducted, in particular about the desired central banks' reaction function. However, a change in thinking does not necessarily mean that central banks really implemented these...

This paper provides the analysis of individual reactions functions of Polish Monetary Policy Council members in the years 2004-2005. In the period under study the Polish central bank used the bias in the monetary policy as an indicator of future interest rate movements and a change of bias...