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1

An Econometric Model of Prices and Money Demand in Poland: Medium Term Perspective 1995-2003

100%
Kelm R.
Ekonomista
|
2005
|
issue 4
449-481
EN
The analysis is based on the direct relation of price level to money aggregates and to the index of economic activity (within the boundaries stipulated by model P*). The money market equilibrium is secured thanks to the standard demand for money function. Model specification was extended to include unemployment gap and oil prices. Despite this extension estimation results reveal the stationarity of stochastic components and yield strong support for the hypothesis of a mixed character of factors that affect prices. Empirical evidence was also found to expect a stable dependence between money demand and foreign direct investment.
2

Dispute over the Objective of the Central Bank of Poland in the Light of the Role of Banking Sector in the Economy

100%
Zyzynski J.
Ekonomista
|
2005
|
issue 5
569-594
EN
The author critically analyzes monetary policy pursued during the recent years by the Central Bank of Poland and poses a question whether the parliamentary bill on the National Bank of Poland correctly indicates its objectives. In particular, the issue whether the single objective, viz. the currency stability, is not too narrowly formulated? The article indicates that the open market policy in actual fact causes deep dis-equilibrium on the monetary market and identifies its effects which manifest themselves in high over-liquidity and shortage of loan potential as well as in the transfer abroad of sizeable funds in the form of foreign assets. The conclusion is that the stability of the currency, as the objective - from the macroeconomic point of view - was not rational, due to its high cost.
3

Oddziaływanie polityki monetarnej na stopy procentowe i inflacje

75%
Kawa P.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2012
|
issue 877
25-35
EN
The aim of the article is to present the impact of monetary policy on chosen variables characterising the real and nominal side of the economy. The author first describes the idea of the natural rate of interest, which can be defined as the rate of real interest that stabilises inflation. This approach is extremely important for central banks seeking to implement a direct inflation targeting strategy. Using a money market equilibrium model and term structure of interest rates, the author establishes that if the real interest rate effect occurring in the short term is stronger than the effect of increased inflation expectations then the increase in money supply will reduce the level of the short-term nominal interest rate. However, in the long term the nominal interest rate will increase due to inflation expectations.
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