Bezwzględna stopa inflacji w gospodarce polskiej

• Authors: Michał Brzoza-Brzezina , Jacek Kotłowski

Title variants

EN

The Pure Inflation Rate in the Polish Economy

• Languages of publication: PL

Abstracts

EN

The authors use a restricted factor model to estimate the Harmonized Index of Consumer Prices (HICP) excluding relative price changes. The index obtained in this way, referred to as pure inflation, demonstrates a stronger relationship to the central bank’s short-term interest rate than the HICP index and selected measures of core inflation. Pure inflation also has a forecasting effect on the future HICP, comparable or better than that of competing models. The estimated variable shows that changes in relative prices played a much smaller role in the recent period of rising inflation (2006-2008) than during previous inflation increases (1999-2000 and 2004-2005). This shows that inflation was mainly driven by demand pressures in 2006-2008, the authors conclude.

Keywords

EN

monetary policy; relative prices; restricted factor model; Harmonized Index of Consumer Prices (HICP); pure inflation; core inflation

• Publisher: Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
• Journal: Gospodarka Narodowa. The Polish Journal of Economics
• Year: 2009
• Volume: 234
• Issue: 9
• Pages: 1-21

Dates

published

2009-09-30

Contributors

author

Michał Brzoza-Brzezina

author

Jacek Kotłowski

Identifiers

DOI

10.33119/GN/101217