Results
Found 34 search results for: monetary policy
Maciej Wysocki, Cezary Wójcik (2021/6, Articles,
In 2016–2019 Poland experienced a major social and fiscal policy shift: new government decreased the statutory retirement age and launched several new social programs, including the sweeping Family 500+ program under which social expenditure on family and children support increased suddenly from 1.5% to nearly 3% of GDP. Moreover, VAT gap reduction policies have been implemented swiftly (...)
Engin Yilmaz (2020/4, Miscellanea,
A New Monetary Analysis Tool: The Daily Liquidity Dataset
The term of liquidity is complex and unclear in the economic literature. This paper tries to explain this concept in practice for the Turkish economy. The statistics of EFT (Electronic Fund Transfer) system and the analytical balance sheet of the Central Bank of Turkish Republic are used to explain what the liquidity is and how the liquidity situation changes in the country’s financial (...)
Piotr Krajewski, Michał Mackiewicz, Katarzyna Piłat (2020/4, Articles,
The Effects of Policy Mix on the Pollutant Emissions in the United Kingdom
The article demonstrates the ecological consequences of the fiscal-monetary policy mix that is used to boost economy during the business cycles. This is an important issue especially in the crisis and post-crisis periods, when a new balance between the monetary and fiscal policies is sought after by the governments and central banks. The authors perform their analysis with the empirical (...)
Vitalii Bondarchuk, Alina Raboshuk (2020/1, Miscellanea,
The Impact of monetary policy on Economic Growth in Ukraine
This study examines the impact of monetary policy on economic growth in Ukraine between 2006 and 2019. After the stationarity and co-integration tests, a vector-autoregressive model (VAM) was used to estimate the impact of monetary factors on economic growth in Ukraine. The research results show that GDP changes are largely explained by its own earlier dynamics, but in the long-run real GDP (...)
Łukasz Kurowski (2019/4, Articles,
Financial Stability and monetary policy after the Global Financial Crisis
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 (...)
Jan L. Bednarczyk, Katarzyna Brzozowska-Rup (2018/3, Articles,
New Challenges for monetary policy. Is Economic Growth Priority Coming Back?
The policy of low inflation rates implemented in highly developed countries in the 1990s failed to produce expected results, such as a satisfactory long-term pace of economic growth and avoidance of deeper and durable economic downturns. On the contrary, the countries which were most determined to stabilize prices (Japan, the Eurozone) experienced triggering of deflation-stagnation (...)
Mirosław Bochenek (2017/6, Articles,
In 1517, Nicolaus Copernicus, the Polish astronomic genius, completed the first version of his monetary treatise, entitled Meditata. On the quincentenary of that event, the author of the paper presents the main ideas incorporated in those treaties, assessing their role in the development of economic thought. The quoted treaty was the first economic thesis written in Poland; therefore, the (...)
Maciej Ryczkowski (2016/6, Articles,
The aim of the paper is to show changes in Milton Friedman’s views on the role of money and monetary policy towards the end of his life, and an attempt at the evaluation of the actions taken by the Federal Reserve System and European Central Bank as a response to the global financial crisis in the context of the monetarist’s recommendations. Undoubtedly it is difficult to assess the highly (...)
Jan L. Bednarczyk, Piotr Misztal (2016/4, Articles,
Does the euro area move towards the low inflation trap?
The euro area is one of the slowest-growing areas of the global economy. Developmental problems of the euro area are in contradiction with the main objectives of the economic and monetary union, formulated in the Maastricht Treaty, and call into question the benefits of further deepening of European integration. The challenge for the effectiveness of economic policy conducted by the (...)
Piotr Ptak (2016/4, Miscellanea,
Fiscal Conditions for Growing out of Debt in Europe
Sovereign debt crisis in the euro zone put in the spotlight the issue of restoring the balance in the public finances of indebted countries as to resorte their capacity to borrow again on financial markets. Restoring fiscal balance will be a difficult task due to poor economic outlook in most EU countries, particularly in the euro area. The attempts to accelerate economic growth by means of (...)
Anna Białek-Jaworska, Natalia Nehrebecka (2016/4, Articles,
Preferences of Polish Enterprises as Regards Debt Financing
The aim of the article is to identify main determinants of the preferences of private and public enterprises in Poland as regard debt financing. The investigation was made with help of an econometric model on a large enterprises sample for the period 1995–2012. Among the factors that determine capital structure, the authors tested the impact of profitability, cash flow, fixed capital (...)
Paweł Gajewski (2016/4, Articles,
Regional Phillips Curves in Poland and the Effectiveness of monetary policy
The aim of the paper is to show the relationship between the unemployment rate at regional level and the aggregate inflation at national level. The theoretical part of the paper discusses various concepts of the short-term Phillips curve and their implications for monetary policy. The empirical part brings an attempt to estimate non-linear short-term Phillips curves for Polish vojevodships (...)
Grzegorz Walerysiak (2015/6, Articles,
Monetary and Exchange Rate Policies in South American States
The article contains a comprehensive review, classifi cation, and comparative assessment of monetary and exchange rate policies performed in South American countries and their relationship to the model policy recommended by international financial organizations and based on the traditional economic theory, aimed at the realization of the adopted inflationary target, with a floating exchange (...)
Karolina Konopczak, Aleksander Welfe (2015/4, Articles,
The Balassa-Samuelson Effect and the Mechanisms of Its Absorption
The Balassa-Samuelson effect and the effectiveness of the potential channels of its absorption require deeper research, especially with regard to the catching-up prospective members of the euro area. The analysis presented in the paper allows to assess the magnitude of infl ationary pressure resulting from the real convergence process and, hence, the risk of inadequacy of the common (...)
Jakub Borowski, Krystian Jaworski (2015/3, Articles,
The results of econometric estimation indicate that in the last few years the sensitivity of the exchange rates of the CEE-4 countries (Czech Republic, Poland, Romania and Hungary) to domestic business cycles decreased towards a relatively high influence of the global factors. It indicates that the cost of losing the monetary autonomy after the euro adoption in those countries may be lower (...)
Piotr Misztal (2014/3, Articles,
The Phenomenon of Inflation Persistence (Inertia) in Poland
The purpose of this study is to analyze the phenomenon of inflation persistence (inertia) in Poland. Inflation persistence is defined as a strong positive relationship between inflation in the current period and prior periods. This causes difficulties for monetary authorities to reduce inflation after its acceleration, and the necessary adjustments last longer and cause greater volatility (...)
Michał Gradzewicz, Jakub Growiec, Robert Wyszyński (2013/5, Articles,
The Inefficiency of Employment Allocation in the Business Cycle in Poland
The authors have calculated the cyclical component of the inefficiency gap regarding the allocation of employment in the Polish economy in the period 1995 Q1–2011 Q2 and decomposed the inefficiency gap into its component elements related to wage and price markups. Inefficiency gap was found to be strongly procyclical while both markups appeared to be anticyclical. The fluctuations in the (...)
Piotr Ciżkowicz, Andrzej Rzońca (2013/5, Articles,
The paper shows that the basic causes of the recent global financial crisis, e.i. low interest rates in major developed economies combined with surplus savings in the developing countries, may be linked with the deficiencies inherent in the international monetary system. The authors argue that these deficiencies have amplified as the result of the crisis. This conclusion serves to project (...)
Marcin Krawczyk (2013/4, Articles,
Fiscal and Monetary Policies in a Liquidity Trap
The article deals with the problem of the effectiveness of expansionary fiscal and monetary policies in boosting economic activity in the economy that got stuck in the Keynesian liquidity trap. The liquidity trap is considered to be a dangerous phenomenon because it is accompanied by deflationary expectations and recession. An expansionary fiscal and monetary policy aimed at boosting (...)
Kazimierz Łaski, Jerzy Osiatyński (2013/1, Articles,
Consolidation of Public Finance and the Euro Crisis
The authors see the roots of the present euro-zone crisis in three pillars of market fundamentalism on which the construction of the European Economic and Monetary Union is founded: 1) separation of a common monetary policy from national fiscal policies of individual member countries; 2) the goal of government budget equilibrium which is believed to provide macroeconomic stability of each (...)
Urszula Ziarko-Siwek (2013/1, Articles,
Announcement Effect as the Reflection of the Transparency of monetary policy
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 (...)
Wiesława Przybylska-Kapuścińska (2012/4, Book Reviews,
Michał Brzoza-Brzezina, Poland’s monetary policy: Theoretical and Empirical Research
Andrzej Sopoćko (2012/4, Articles,
Financial Game: The Addiction of the Rich World
Current money streams have been raised on an unexpected scale and the financial market became free, in its core part, from the frames created by the monetary authorities. The global financial game system has appeared, with very low sensibility on the regulation coming outside. Former efficiency of interest rates and monetary base operations belongs already to the past. What is worse, the (...)
Marcin Krawczyk (2011/6, Articles,
The Expected Level of the Interest Rate and the Demand for Money
The paper contains a theoretical analysis of the demand for money. The author defines the individual demand function and the aggregate demand function based on it, depending on the market interest rate, and he discusses the ability of the central bank to influence its level. The analysis is based on the concept of portfolio choice developed by Tobin, supplemented by the modified Keynesian (...)
Jerzy Osiatyński (2011/5, Articles,
Preconditions of Poland’s Entry to the Euro Area
A ssuming that the European Economic and Monetary Union survives its current financial crisis, the author tries to answer the question what conditions Poland should meet prior to entering the eurozone that would enable it to maintain and strengthen its competitive position after the entry to the euro area. The ability of any free trade zone member country to sustain its competitive position (...)
Piotr Ciżkowicz, Andrzej Rzońca (2011/5, Articles,
Why Shouldn’t Central Banks Raise Their Inflation Targets?
O . Blanchard et al. [2010] proposed that, in the current economic situation central banks increase their inflation targets from 2% to about 4%. This should provide the room for further reductions of interest rates in the case of a possible next financial crisis (or another strong shock). The authors give a critical assessment of that proposal. They recall, first of all, two arguments (...)
Robert W. Włodarczyk (2011/4, Articles,
Differences in the Sectoral Structure of Working Population in the Euro Area
The article brings a statistical analysis of differences seen in the sectoral structure of working population between the NUTS 2 regions of the euro area in the period 1999–2008, including the analysis of changes in the structure over time. The analysis is based on statistical data from the Eurostat data bank on the working population aged above 15 years. Data processing and calculations (...)
Paweł Baranowski (2011/3, Articles,
The paper presents an analysis of the effects of monetary shocks on inflation and output in Poland. The analysis is based on a hybrid neo-Keynesian model with standard Taylor rule and with forward looking rule. The author considers the effects of both the expected and unexpected tightening of monetary policy. The results of the analysis show that: (a) the reactions of inflation and of the (...)
Michał Jurek (2010/3, Articles,
Limitation of the Autonomy of monetary policy in Financial Integration
The aim of the paper is to analyze the possibilities of overcoming the asymmetric shocks under fully fixed and fully floating exchange rate regimes, taking into consideration increasing financial integration which results in mounting capital flows. The analysis is based on the use of the Mundell-Fleming model within the framework of the theory of Optimum Currency Areas. The main conclusion (...)
Danuta Gotz-Kozierkiewicz (2010/2, Articles,
monetary policy and Goodhart’s law
The real picture of monetary policy in contemporary economy shows that the functioning of commercial banks is inconsistent with the textbook model. According to the Goodhart’s law, banks have been finding solutions effective in protecting their income notwithstanding the intentions of the monetary authority. Such motivations also caused an increasing involvement of the banks in the use of (...)
Piotr Misztal (2009/4, Articles,
Exchange Rate Changes and Price Adjustments in Poland
The aim of the article is to present the influence of exchange rate changes on the price dynamics in Poland. Knowledge of the exchange rate pass-through to prices permits assessment of how exchange rates affect inflation and monetary policy. The phenomenon was found of an incomplete exchange rate pass-through to import, producer and consumer prices in Poland, in the short- and long-run (...)
Stanisław Lis (2008/3, Articles,
Poland’s Accession to the Eurozone – Critical Analysis
The article contains the results of theoretical and empirical analysis of approaches and hypotheses that concern costs and benefits resulting from Poland’s accession to the eurozone. Comparative analysis indicates that the bottom line results of Poland joining the Economic and Currency Union should be – in the longer run – advantageous. The path leading Poland to eurozone seems to be (...)
Andrzej Sławiński (2008/1, Articles,
The Importance of Risk Factors Related to Poland’s Joining the ERM2 and the Euro Zone
Two issues related to Poland’s entry into ER M2 are analyzed in the first part of the article: 1) the factors behind zloty moderation after Poland joined the EU, and 2) how the Central Bank of Poland should conduct its monetary policy to stabilize the zloty within the ER M2 band. In the second part the main risks related to Poland’s entry into euro zone are analyzed. The main risk is seen (...)
Michał Brzoza-Brzezina, Jacek Socha (2007/4, Articles,
Downward Nominal Wage Rigidity in Poland and Its Implications for the monetary policy
To test the hypothesis of downward nominal wage rigidity in Poland we used data from a survey of medium and large companies. We find relatively weak support for downward wage rigidity when average total compensation in an enterprise is analysed. However, since this result may be affected by job rotation, we propose a method for eliminating its impact. We find that downward wage rigidity (...)
....