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EN
Inflation can produce a number of negative effects. These primarily include slower economic growth and decreased investment. The article examines the influence of inflation on real capital investments. The author ventures a hypothesis about a negative effect of inflation on investment. The main theoretical arguments in favor of such a hypothesis are the uncertainty provoked by inflation and the increased costs of business activity. The first part of the article reviews theories that describe the influence of inflation on investment. Part two presents the theoretical assumptions of the model. The last part is a presentation and discussion of the results of the empirical studies conducted. The constructed model scrutinizes the rate of investment in real capital in 15 European Union countries in 1972-2001. The Error Correction Model (ECM), fit for statistical purposes, makes it possible to demonstrate both long- and short-term effects. The conclusion is that the influence of inflation on investment is negative and long-term in nature. In the short term, inflation does not affect investment. As expected, the rate of GDP growth has a positive influence on the rate of investment. Moreover, due to reasons not considered in the model-such as the state of infrastructure, the quality and stability of law and the availability of other factors of production-the rate of investment varied considerably from one country to another. Overall, inflation has a strong influence on investment, providing a serious argument in favor of keeping price growth at a low level.
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EN
The paper discusses the key aspects of research on a modern monetary policy rule proposed by American economist John B. Taylor in 1993. The Taylor rule stipulates how much the central bank should change the nominal interest rate in response to divergences of actual GDP from potential GDP and divergences of actual rates of inflation from a target rate of inflation. The rule recommends a relatively high interest rate (a "tight" monetary policy) when inflation is above its target or when the economy is above its full employment level, and a relatively low interest rate ("easy" monetary policy) in the opposite situations. Baranowski discusses many aspects of the Taylor rule, including the type of interest rates subject to analysis; the need to use real-time data; additional variables that may influence interest rates; the method of measuring variables; and the stability of the analyzed parameters. The paper also shows how the Taylor rule is used in practice. The rule can be used to analyze monetary policy, make international comparisons, and forecast interest rates. It can be an important component of both theoretical and empirical economic models, the author says.
EN
This is the review of the book by Francesco Marconi "Newsmakers: Artificial Intelligence and the Future of Journalism."
EN
The purpose of the paper is to estimate parameters of the New Keynesian Philips Curve, NKPC, for Poland by means of monthly data. The so called hybrid NKPC that is taken in the investigation extends the NKPC by adaptive expectations, which allows for implementation of the theoretical New Keynesian model to empirical analyses. Starting with theoretical specification, the authors provide the reader with statistical data and the estimation method used in the research, which is followed by presentation of empirical outcomes and conclusions.
EN
New media has changed election campaign. Do Polish political parties recognize the opportunity which the Internet provides to reach potential voters? In order to test the quality of political communication through the Internet the content of websites of Polish political parties was analyzed. Research material consisted only of Polish political parties websites that exceeded election threshold in 2011 parliamentary elections. In the study we focused on the content of five websites and the news published on those websites between 1 July and 9 October 2011.
PL
Współczesna sfera publiczna w dużej mierze przeniosła się do Internetu, a Twitter stał się wiodącą platformą debaty politycznej. Potencjalnie szkodliwe bańki informacyjne, które skutkują selektywną ekspozycją na wiadomości w mediach społecznościowych, ograniczają jednostki do ich własnych opinii, co może być szczególnie niepokojące, gdy dotyczy osób podejmujących decyzje polityczne. Celem niniejszego artykułu jest zbadanie wzajemnych relacji pomiędzy polskimi parlamentarzystami na Twitterze oraz stworzenie matrycy powiązań pomiędzy politykami reprezentującymi różne partie polityczne. Analiza danych empirycznych z Twittera udowodniła, że istnieją wysoce spolaryzowane struktury parlamentarzystów, które tworzą się w obrębie przynależności politycznej. Z perspektywy aktorów politycznych polska część Twittera zdominowana jest przez obóz Zjednoczonej Prawicy oraz Koalicję Europejską, a jej wewnętrzny podział stanowi odwzorowanie mandatów w parlamencie.
EN
Since the contemporary public sphere has largely moved online, Twitter has become the leading platform of political debate. Potentially harmful echo spheres, selective exposure and social media filter bubbles that limit individuals to their own opinions can be especially alarming when it concerns politicians. This paper aims to investigate the degree of homophily among Polish MPs, simultaneously indicating the way politicians form follower communication structures. The analysis of the data gathered from Twitter revealed observable elements of polarization at the political affiliation level, although the level of parliament chambers was found meaningless in that case. The Polish political Twittersphere is dominated by the two biggest parties, accurately reflecting parliament composition. The use of communication structure is examined throughout this paper, ultimately confirming the homophilic behavior of specific politicians’ groups, especially in terms of mutual communication and its effectiveness.
EN
The world oil price is an exogenous as well as key component and factor influencing domestic prices (especially transportation). The question is: how the oil price influences producer and consumer prices. We focus on a short- and long-term relationship between the domestic prices and oil price (expressed in Polish zloty). We use Vector Error Correction Models, with cost-based specification, i.e. including additionally wages and euro-zloty exchange rate. The degree of estimated long-term pass-through oil prices to producer and consumer prices is 0,15 and 0,05, respectively. Both producer and consumer prices have comparable size of short-term reaction to an oil price shock, but the producer price reaction is more prolonged.
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EN
The aim of the study is to estimate the impact of the so-called family social capital (family ties capital) on economic growth. We hypothesise that marital dissolution expresses decrease in the capacity for cooperation, collaboration and sharing responsibility not only within the family but also on a professional level. Thus, an increase in the divorce to marriage rate is accompanied by a slowdown in economic growth. The divorce rate is regarded here as an indirect cause of the slowdown. The reasons stem from the breakdown of cooperation and collaboration, as well as increased risk, trust reduction, and the shortening of the decision-making time horizon accompanying divorces and resulting from divorces. These phenomena directly affect the working members of the family in which a divorce takes place. According to the main hypothesis, their impact is transferred to professional life and concerns employee teams. For the study, we employ econometric models, the first one for Poland and the second for 15 European Union countries, for the period 1993–2017.
EN
Social capital representing among other things voluntary cooperation, social networks density and generalized trust has become popular in economics in the 90s. A number of papers has confirmed positive relationship between social capital measures and economic growth. In our opinion family-based social capital (representing the integrity of families) is important component of social capital. Sociological and psychological knowledge allow us to identify the family as a source of human bonds, man’s happiness and life quality. Presumably happy persons better fulfill their social and economic roles. For example – they work and cooperate more efficiently. Therefore, we have formulated a hypothesis that the family social capital – family bonds – have an influence on economic growth. Being more precise, the bigger the number of divorces in relation to contracted marriages as an indicator of family disintegration, the slower is economic growth. This hypothesis has been confirmed in the Polish economy in the years 1963–2006 as well as in the 15 European Union countries panel data (1972–2007). The estimations are based on the econometric model of GDP growth, into which, alongside the divorces/marriages ratio (family disintegration) investment rate, labour growth and CPI inflation have been introduced. Our results indicate that when divorces/marriages ratio rise by 10 p.p. economic growth lowers in 15 European Union countries by 0.5 p.p. The same in Poland makes economic growth lower by 1.8 p.p. These results are not fully comparable, due to differences in model specification and analyzed periods.
EN
Arthritis is one of the most important symptoms of late-stage borreliosis, observed in approximately 60% of untreated patients with Lyme disease. In several percent of them, this manifestation is of interest to orthopedic surgeons. The authors present a case of a patient, working as a forester, who underwent left hip replacement arthroplasty having contracted a Borrelia burgdorferi infection in the past, and who was hospitalized 12 years before in the infectious ward due to suspected neuroborreliosis for which he was treated with Cftriaxone 2 × 2.0 g intravenously for 4 weeks. At that time, a tomographic examination of the spinal cord revealed herniated nuclei at levels L4/L5 and L5/S1, which filled the left lateral recess, narrowing the intervertebral holes and compressing the nerve roots on the left side of L4 and L5. In September 2019, total hip replacement in the patient’s left hip joint was performed. It is concluded that an active role of neuroborreliosis in this process of hip joint destruction may be suggested.
EN
The aim of the paper is to identify factors influencing economic emigration. The authors use data from socioeconomic surveys (Social Diagnosis 2015 and 2013) with samples of more than 18,000 individuals for the Polish economy. They focus on responses to a question about their potential labor emigration plans, which are seen as a prelude to actual emigration. The outcome of this question was binary; hence a logit model was applied. The results indicate that the key drivers of the propensity to emigrate are registered unemployed status, fluency in at least one foreign language, new skills acquired during the year prior to the survey, and social attitude. On the other hand, older people, women and more educated individuals are less eager to emigrate. The propensity to migrate is also determined by family factors.
PL
Artykuł napisano w celu wyznaczenia czynników kształtujących gotowość do emigracji zarobkowej mieszkańców Polski. Posłużono się danymi indywidualnymi pochodzącymi z badania Diagnoza Społeczna 2015 i 2013. Wykorzystano dane z badań, w których respondenci odpowiadali na pytanie o zamiary emigracji zarobkowej, stanowiące ważną przesłankę dla faktycznej emigracji. Udzielone odpowiedzi miały charakter jakościowy (wyrażam chęć/nie wyrażam chęci). Z tego względu narzędziem badawczym był model logitowy, który zapewnia dobre własności statystyczne w przypadku objaśniania zmiennych binarnych. Otrzymane wyniki wskazują, że najważniejszymi czynnikami zwiększającymi prawdopodobieństwo wyrażenia zamiaru emigracji zarobkowej są: formalny status bezrobotnego, znajomość przynajmniej jednego języka obcego, pozyskanie w minionym roku nowych kwalifikacji oraz szeroko rozumiane niezadowolenie (z sytuacji w kraju, miejscu zamieszkania, własnej sytuacji finansowej). Natomiast czynnikami zmniejszającymi to prawdopodobieństwo są: wiek i płeć (osoby starsze i kobiety rzadziej deklarują zamiar emigracji) oraz wysoki poziom formalnego wykształcenia. Ponadto gotowość do emigracji jest także, w sposób istotny, kształtowana przez sytuację rodzinną respondenta.
EN
This paper examines whether forecasting CPI components improves CPI forecast. We exploit quarterly data for Poland, disaggregated into 12 components. We follow methodology used in previous studies for Euro Area (Hubrich, 2005; Reijer and Vlaar, 2006). AR, MA, TAR and unrestricted VAR models are estimated using recursive sample and aggregated into CPI. Using out-of-sample forecasts, these models are evaluated and compared to the benchmark -- equivalents for aggregate CPI. The evidence is mixed. VAR component-forecast outperform benchmark. Contrary to VAR, for AR and TAR models we do not find substantial gain from using disaggregated data. Results for MA models are not robust. Moreover, it seems that results for AR- and VAR-based forecasts are comparable to consensus forecast.
PL
W dotychczasowych badaniach rozważa się celowość wykorzystania na cele prognostyczne danych o niższym stopniu agregacji (np. dla inflacji Hubrich, 2005; Reijer and Vlaar, 2006). W artykule badamy czy prognozowanie 12 subindeksów cen dóbr i usług konsumpcyjnych (komponentów inflacji), a następnie ich agregacja poprawia trafność prognozy inflacji. Prognozy inflacji oraz jej poszczególnych komponentów wyznaczymy przy pomocy modeli autoregresji (AR), średniej ruchomej (MA), wektorowej autoregresji (VAR) oraz autoregresji progowej (TAR). Otrzymane wyniki nie pozwalają jednoznacznie rozstrzygnąć postawionego problemu. Okazuje się, że dla modeli AR i TAR dezagregacja nie pozwala zmniejszyć błędów prognoz, dla modeli MA nie otrzymano jednoznacznych wskazań testów, zaś dla VAR zmniejsza błędy prognoz.
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