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Growing labor productivity and securitization – the two surprising factors of income inequality

100%
Sopoćko A.
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
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2017
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issue 482
240-251
EN
The paper tries to indicate two reasons for worldwide growing income disparity. The first one is capitalism transformation from individual ownership to anonymous, broadly diversified portfolio holders, who do not adhere to a particular company for a long time. The leading role is played by the company management, especially its CEO. Capital owners become finance holders who look only at temporarily best investment opportunities. Therefore, the managers are compelled to race for higher rate of return. To ensure that the assets portfolio of financial owners is diversified, financial capitalists prefer short-time investment strategies, focusing more on short-time efficiency than on long-time development, mainly on cost reductions, including workers’ salaries. Such efforts are accompanied by a strong and continuous rise in labour productivity (the second factor). Over time, fewer people are needed to participate in the production process, which contributes to the weakness of the labour force in the struggles for salary. This constrains the income rise for a big part of the society and leads to a global demand squeeze.
2

Money Supply as the Target of the Central Bank

100%
Jędruchniewicz A.
Folia Oeconomica Stetinensia
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2014
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vol. 14
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issue 1
116-136
EN
The main purpose of the article is a critical analysis of the monetary policy strategy that is based on the adoption of money supply as an intermediate target. The analysis is conducted from the perspective of the theory of the Austrian school. The first part of the article presents an influence of the supply of money on changes of categories in economy according to mainstream theories of economics. The second part discusses the essence of the strategy of monetary policy using money supply as an intermediate target from the point of view of the main trend in economics. It is demonstrated that in order to use it, two elementary conditions must be met: the function of demand for money must be at least relatively stable and the central bank must practically shape changes in the money supply at the planned level. The third part is of key importance for the purpose of this article. It involves the criticism of Friedman’s principle, i.e. a constant increase in money supply as a monetary strategy. According to the Austrian theory, an increase in the quantity of money which is not financed by voluntary savings separates the time structure of production and consumption. Thus, after the period of prosperity there a collapse in production must take place. It is also pointed out that the crisis can be postponed only when the quantity of money increases at an ever faster rate.
3
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A study of macroeconomic variables that effected employment in the United States from 1948 to 2021

88%
Reid L.
Central European Review of Economics & Finance
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2023
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vol. 44
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issue 3
125-152
EN
The paper provides an analysis of important U.S. macroeconomic variables that effect aggregate employment. The paper seeks to answer the question “What are the deter¬minants of changes in aggregate employment in the United States of America (U.S.)?” This is an important research topic because significant increases in unemployment can have a profound effect on an entire society, not just on its unemployed workers. When employment declines, public health declines, crime increases, suicides increase, and public revenues decrease. This paper uses quarterly data from 1948-2021 to estimate the effect of important macroeconomic variables on aggregate employment. The macroeconomic variables include personal consumption expenditures, U.S. federal government expenditures, nominal GNP, international trade (imports plus exports), M3 money stock, the mini-mum wage level, non-residential fixed investment, non-manufacturing employment, and U.S. federal tax receipts.
4
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Polityka pieniężna NBP a ceny produktów rolnych w czasie COVID-19

63%
Jędruchniewicz A., Wielechowski M.
Studia i Prace Kolegium Zarządzania i Finansów
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2023
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issue 193
243-258
EN
The aim of the study is to assess the impact of the monetary policy conducted by the National Bank of Poland on the dynamics of purchase prices for agricultural produce. During the COVID-19 pandemic, the NBP’s policy became exceptionally lenient. The immediate consequence of such actions was a dynamic increase in the money supply. The delayed effect was the emergence of significant inflationary pressures in the Polish economy. An analysis of annual data indicates that in the years 2019–2022 the impact of the increase in the money supply on fluctuations in the prices of agricultural produce was delayed by about one year. On the other hand, econometric analysis based on monthly published year-on-year increments, after removing trends, indicates that the influence of the growth of the M1 money supply on changes in agricultural prices was strongest with an 18‑month delay. The change in the M1 aggregate explained 40% of the changes in purchase prices. The NBP’s impact on agricultural prices was both direct and indirect through its influence on the growth of production costs in Polish agriculture.
PL
Celem opracowania jest ocena oddziaływania polityki monetarnej prowadzonej przez Narodowy Bank Polski na dynamikę cen skupu produktów rolnych. W okresie pandemii COVID-19 polityka NBP stała się wyjątkowo łagodna. Bezpośrednią konsekwencją takich działań był dynamiczny wzrost podaży pieniądza. Opóźnionym skutkiem było pojawienie się znaczących procesów inflacyjnych w polskiej gospodarce. Analiza danych rocznych wskazuje, że w latach 2019–2022 wpływ wzrostu podaży pieniądza na wahania cen skupu produktów rolnych był opóźniony o około jeden rok. Natomiast ekonometryczna analiza oparta na przyrostach rocznych publikowanych co miesiąc, po usunięciu trendów, wskazuje, że wpływ wzrostu ilości pieniądza M1 na zmiany cen rolnych był najsilniejszy przy opóźnieniu 18 miesięcy. Zmiana agregatu M1 wyjaśniała zmiany cen skupu w 40%. Oddziaływanie NBP na ceny rolne było bezpośrednie, jak i pośrednie poprzez wpływ na wzrost kosztów produkcji w polskim rolnictwie.
5

Efekty makroekonomiczne polityki fiskalnej i monetarnej w gospodarkach Europy Środkowej i Wschodniej

63%
Shevchuk V., Kopych R., Holynska M.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2019
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issue 3(981)
43-62
PL
Cel: Celem artykułu jest zbadanie wpływu bilansu budżetowego oraz podaży pieniądza na inflację cen produkcyjnych (PPI), bilans obrotów bieżących oraz lukę dochodu dla wybranych pięciu krajów Europy Środkowej i Wschodniej (EŚW), tj. Bułgarii, Czech, Węgier, Polski i Rumunii. Metodyka badań: Do modelowania efektów makroekonomicznych bilansu budżetowego i podaży pieniądza dla próby danych kwartalnych z lat 2000–2017 wykorzystano strukturalny model autoregresyjny (SVAR), który przewiduje uzależnienie podaży pieniądza w bieżącym okresie od bilansu obrotów bieżących, przy jednoczesnej zależności tego wskaźnika równowagi zewnętrznej od cyklu koniunkturalnego. Wyniki badań: Ustalono, że we wszystkich pięciu krajach EŚW poprawa bilansu budżetowego nie wywołuje niekorzystnych zmian dochodu. W większości krajów (Bułgaria, Czechy, Polska) nadwyżka budżetowa prowadzi do spowolnienia inflacji cen produkcyjnych, a także poprawy bilansu obrotów bieżących (Czechy, Polska, Węgry). Nadwyżka budżetowa powoduje przeważnie zwiększenie podaży pieniądza. Poluzowanie polityki monetarnej prowadzi zarówno do pogorszenia bilansu budżetowego (Bułgaria, Polska), jak i do krótkookresowej poprawy tego wskaźnika (Czechy, Węgry). Efekty makroekonomiczne wywołane zmianą podaży pieniądza są bardziej zróżnicowane, co przemawia na korzyść efektów monetarnych tak po stronie popytowej, jak i podażowej. Wnioski: Otrzymane rezultaty wskazują na to, że większe korzyści wynikają z prowadzenia konserwatywnej polityki fiskalnej i monetarnej we wszystkich badanych krajach EŚW, a przede wszystkim w Polsce i Czechach. Wkład w rozwój dyscypliny: Przeprowadzone badania uzasadniają wykorzystanie modelu gospodarki zależnej z dwoma sektorami – dóbr będących i niebędących przedmiotem wymiany w handlu międzynarodowym (tradable and nontradable goods)– do analizy polityki ekonomicznej prowadzonej w krajach EŚW.
EN
Objective: The aim of this paper is to study the effects of budget balance and money supply on producer price inflation (PPI), the current account balance and the output gap for five Central and East European (CEE) countries (Bulgaria, the Czech Republic, Hungary, Poland and Romania). Research Design & Methods: Based on the quarterly data over the 2000–2017 period, macroeconomic effects of the budget balance and money supply are estimated with the Structural Vector Autoregressive (SVAR) model, which anticipates reliance of the money supply upon the current account balance on impact, with a simultaneous dependence of the latter upon the business cycle. Findings: A budget surplus did not cause any output losses in any of the five CEE countries. For three of the countries (Bulgaria, the Czech Republic, Poland), a budget surplus is associated with decelerating producer price inflation and improvement in the current account balance (the Czech Republic, Hungary, Poland). A budget surplus is likely to bring about an increase in the money supply. Expansionary monetary policy is a factor behind either worsening of the budget balance (Bulgaria, Poland), or a short-lived improvement in it (the Czech Republic, Hungary). Macroeconomic effects of the money supply tend to be heterogeneous, supporting both demand-side and supply-side transmission mechanisms. Implications / Recommendations: Our results favour conservative fiscal and monetary policies in all five of the CEE countries, particularly in the Czech Republic and Poland. Contribution: The scientific contribution of the article is that it justifies the use of the dependent economy model, with output disaggregated into tradable and nontradable sectors, for analysis of economic policy in the CEE countries.
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