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

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.