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1

O fundamentalnych zasadach polityki gopodarczej

100%
Jakobik W.
Contemporary Economics
|
2007
|
issue 2(2)
21-36
EN
The article contributes to the debate focused on the institutional principles of policies conducted by the fiscal as well as the monetary authorities. The author offers a brief review of the main relations between the aims of macroeconomic policy and the instruments that enable to fulfill the former. At the same time specific determinants of the aim-oriented decisions by the central bank or the government are reviewed. Last but not least in the analysis is the dilemma of policy mix coordination and the formal/informal status of the government as well as of the central bank is extensively discussed.
2

Polityka monetarna - restrykcyjna czy ekspansywana?

100%
Szafarczyk A.
Contemporary Economics
|
2007
|
issue 4(4)
23-43
EN
The monetary policy plays an important role in macroeconomic policy of government. There is a question concerning type of this policy expansive or restrictive (easy or tidy monetary policy). Unfortunately, we have a lot of criteria. Each of them gives us other answer. So due to equitation of Irving Fisher we have dominantly expansive monetary policy. The same situation exists when we use nominal value of rediscount interest rate of central bank. Opposite result appears when we use real value of this interest rate or level of obligatory reserve. Taking under consideration liquidity on money market we know, that level of interest rate is too high.
3
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THE STATUS OF THE NATIONAL BANK OF POLAND IN THE SYSTEM OF STATE AUTHORITIES (Status Narodowego Banku Polskiego w systemie organów panstwa)

100%
Knosala E., Stasikowski R.
Przegląd Sejmowy
|
2010
|
issue 1(96)
63-73
EN
The changes of Poland's system of government has resulted in a deep transformation of the entire public administration and the functions performed by it, as well as modification of the nature of its functioning. The central bank has also been involved in this process. The change of the economic system has modified the bank's organization, its administrative functions, forms of operation and position in the administrative apparatus of the state. The place of the National Bank of Poland (NBP) and its organs in the Polish system of government has received an extensive constitutional basis. Its current legal status is very complicated. There is no doubt that NBP is located within the structure of the executive, however it is clearly separated and independent of the government administration. Moreover, it is a public-law person.. In the author's view, NBP provides an example of a new organizational-legal form of a mixed nature which, on the one hand, slightly reveals the attributes typical of the classic forms (particularly those of an administrative establishment or a state-owned enterprise) and, on the other hand, possesses new, previously unknown, traits. Its quite exceptional position in the central system of state authorities is also determined by its organ, i.e. the Monetary Policy Council (RPP). The Council, on the one hand, is an 'internal' organ of NBP, however, on the other hand, it is an autonomous constitutional organ of the state. By making NBP and RPP separate and independent of the government administration, an element of polycentrism has been introduced into the administrative system of the state, meant as an increase in the number of independent centres of public authority. As a consequence, 'coexisting' state organs have been created, whose system of interrelation was based on real division of powers, rather than hierarchical subordination. The exercise of public administration has been divided between many independent centres, while the burden of exercise of public administration and performance of its tasks have been reserved for organs of government and self-government administrations. RPP has been established as a special organ of the state, and NBP is a particular subject co-deciding about the system of government of the Polish State. Their independence of government provides proper conditions for functioning of independent centres for realization of public tasks of a key importance for the state.
4

Kvazifiskal'ni operatsiyi tsentral'noho banku: sutnist', vydy ta naslidky zastosuvannya

75%
Leonov S. V., Hlants V. N.
Mekhanizm Rehuluvannya Economiky
|
2013
|
vol. 1 (59)
159-167
EN
The essence of central bank' quasi-fiscal operations is researched. It is determined that central bank has dominant character during realization of quasi-fiscal operations because of its decisive role in supporting macroeconomic stability and substantial possibilities to accumulate profit. Their consequences on economic development are concretized and systematized in the context of its macroeconomic and financial influence. Key types of quasi-fiscal operations are investigated. They are divided into two groups: operations in financial sphere and operations in sphere of exchange control. Operations in sphere of exchange control are divided into those, which are connected with system of multiply exchange rates, and those, which arise as a result of taking risk of change in exchange rate by central bank. Quasi-fiscal activity experience of the National Bank of Ukraine is examined with providing characteristics and features of specific quasi-fiscal operation.
5

CHANGES IN MONETARY POLICY RESPONSES IN THE CZECH REPUBLIC, HUNGARY AND POLAND

63%
Pokorný T., Chytilová H.
Ekonomický časopis (Journal of Economics)
|
2023
|
vol. 71
|
issue 6-7
369 – 404
EN
In this paper, we analyse how the monetary policy responses of the Czech National Bank, the Hungarian National Bank, and the National Bank of Poland have changed over the period from 1996 Q1 to 2022 Q3 using the Kalman filter. Our findings are as follows. Firstly, we identify concealed discretion among the monetary policy authorities, which is traced through significant changes in their monetary policy parameters, highlighting the importance of applying a time-varying estimation framework. Secondly, we observe a decreasing response of policy rates to the inflation gap over the observed period. The reduced response in interest rates aligns with the anchored inflation expectations in the Czech Republic and Poland. Thirdly, the interest rate smoothing parameter has declined over the observed period, reflecting the central banks’ increased willingness to adjust policy rates more vigorously. Additionally, we find a significant decrease in the long-term equilibrium interest rates, indicated by the policy-neutral rate, across the analysed countries.
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