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

100%

Kelm R.

Ekonomista

2005

issue 4

449-481

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.

MONETARY POLICY AND GOODHART'S LAW (Polityka pieniezna a prawo Goodharta)

51%

Gotz-Kozierkiewicz D.

Ekonomista

2010

issue 2

163-174

Realistically, monetary policy in the contemporary economy has been facing functioning of commercial banks inconsistent with the textbook model. According to the Goodhart's law, banks have been finding out the solutions effective to protect their income notwithstanding the intentions of the monetary authority. Such motivations have also been driving the increasing involvement of the banks in the use of i.a. fixed interest rate securities in management of bank assets and liabilities. This has been contributing to unpredictability of effects of the changes of the short-term interest rate of the central bank on the financial sector and real economy.

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2 Ekonomista

1 Gotz-Kozierkiewicz D.

1 Kelm R.

1 2010

1 2005

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

MONETARY POLICY AND GOODHART'S LAW (Polityka pieniezna a prawo Goodharta)