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EN
The feedback exists between monetary policy rules and inflation rate forecast. In this paper we analyse the impact kind of monetary policy rules on inflation rate forecast. We apply Svensson model and the presentation in the form of state space to forecasting of inflation rate.
PL
Niniejszy artykuł ma na celu ukazanie wydarzeń kryzysowych oraz ich skutków dla płynności krajowego sektora bankowego. W pierwszej kolejności pokrótce zostaną wskazane wybrane fakty związane z kryzysem finansowym, mające kluczowe znaczenie dla gospodarki krajowej od 2007 r. Problematyka ta zostanie przedstawiona z uwzględnieniem luki finansowania w polskim sektorze bankowym oraz działań podjętych przez NBP w sytuacji zaburzeń systemu finansowego. Prezentacja czynników kształtujących płynność polskich banków oraz przebiegu operacji otwartego rynku na ich tle mają z kolei na celu umożliwienie krótkiej oceny skuteczności działań polskiego banku centralnego w regulowaniu płynności sektorowej w Polsce w warunkach kryzysu.
EN
The genesis of the global financial crisis should be sought a few years before its first symptoms occurred in 2007. The development of the world (and Polish) economy was stable until then. The breakdown of American mortgage loans, and later the fall of Lehman Brothers, started a chain of events leading to the global financial breakdown. The Polish economy experienced this as well but the crisis shook the domestic banking system in particular. Despite a relatively weaker shock in comparison to other countries, the ownership structure of the Polish banking sector, combined with the crisis of confidence, caused liquidity situation disturbances. The article focuses on the reasons of disturbances of Polish banks issue potential, the progress of the crisis situation emphasizing the antypical liquidity conditions and the activity of the NBP in confronting the destabilization (including open market policy). The summary attempts to assess the Polish central bank's actions regarding control of Polish banking sector liquidity.
EN
The article presents a detailed classification of Monetary Policy Council resolutions as acts of internal law. In the study the attention is focused on monetary policy which is specified by RPP regulation in the form of annual monetary guidelines and complementary acts of the appropriate Council. The RPP Acts of Will were broadened with reflections of political nature of the resolution as a law act as well as the analysis of the relation that occurs between the Council resolution and the Budget formed by the Council of Ministers. The correlation between the two subjects in the economic policy of the country, with the respect for their complete autonomy, is the sign of public finance safety and of the inflationary target realization on the assumed level.
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