Search results - CEJSH

1

Szok inflacyjny w Polsce i możliwe ścieżki reakcji ze strony polityki makroekonomicznej

100%

Morawski I.

Zeszyty Prawnicze BAS

|

2022

|

issue 4(76)

23-48

EN

The purpose of the article is to introduce the nature of macroeconomic policy dilemmas in Poland. The hypotheses concerning the sources of inflation, the macroeconomic policy response options, and the summary of the benefits and costs of disinflationary policies are presented.

2

ACCESSION TO THE EUROZONE AS LITHUANIA’S EXIT STRATEGY FROM THE CURRENCY BOARD SYSTEM

80%

Żuchowska D.

Equilibrium. Quarterly Journal of Economics and Economic Policy

|

2015

|

vol. 10

|

issue 3

27-43

EN

In the years 2004-2014 the Lithuania’s exchange rate policy was based on a rigid currency board system. After a period of uncontested success in the fight against inflation in the first decade of the transition and economic growth, entering the ERM II in 2004 and efforts to adopt the euro were treated as an optimal exit strategy from the currency board system. However, the consequences of this exchange rate system in the following years (until 2014) prevented Lithuania from meeting the economic convergence criteria. The starting point for the research is based on the theoretical analysis of literature studying benefits and risks associated with the use of the currency board system by the monetary authorities. The empirical analysis refers to the case of Lithuania and covers the years 2004-2014. The purpose of this analysis is to look at the effects of the use of the currency board system from the perspective of the convergence criteria of monetary nature and the extent of their implementation in the absence of opportunities for autonomous monetary policy.

3

Is the Minimum Wage Detrimental to the Economy?

80%

Krajewska A., Krajewski S.

Olsztyn Economic Journal

|

2013

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vol. 8

|

issue 4

317-330

EN

The minimum wage in Poland is relatively low. It amounts only 1,600 PLN in 2013. Therefore, it is no surprise that the trade unions have been making efforts to have it raised to the level of 50% of the average salary. However, this has been met with staunch resistance from employers. The liberal model of the economy, which dominates in Poland, favours employers. Moreover, the attitude of the government, politicians, the media, as well as many scientists towards this is not favourable. These are the objections usually raised against the increase of minimum wage: - raising the minimum wage entails unemployment growth; - an increase in the minimum wage entails an increase in the average pay, with a consequent increase in the inflation rate; - the amount of the minimum wage and its growth rate is frequently the basis for an index-linked pay increase in the budget institutions and some social benefits, which results in an increase in fixed budget spending, which is not justified economically; - the minimum wage level, regarded by employers as too high, results in the practice of paying workers outside the official payroll, thereby extending the grey area; - an increase in the minimum wage is a threat to businesses, especially to micro-enterprises, which operate on the brink of insolvency and may face bankruptcy; - an increase in the minimum wage raises the cost of labour and makes businesses less competitive. This paper, in its later part, provides arguments against the allegations. There is a one-sided view of the issue of the minimum wage in Poland. Wages are regarded exclusively as an element of the cost of labour and, as such, they should not increase as this is detrimental to entrepreneurs and to the economy. Such analyses disregard the social and economic (in a broad context) aspects of having a minimum wage.

4

Kwantowe stworzenie Wszechświata

80%

Heller M.

Zagadnienia Filozoficzne w Nauce

|

2007

|

issue 41

3-15

PL

The paper discusses the idea of quantum creation of the universe. After a few remarks concerning inflationary models and Tryon's idea of the world's origin as a fluctuation in the preexisting vacuum, the Hartle-Hawking quantum creation model is presented. Its structure and assumptions are discussed, and interpretative difficulties related to the mechanism of 'quantum creation' pointed out. The paper discusses the idea of quantum creation of the universe. After a few remarks concerning inflationary models and Tryon's idea of the world's origin as a fluctuation in the preexisting vacuum, the Hartle-Hawking quantum creation model is presented. Its structure and assumptions are discussed, and interpretative difficulties related to the mechanism of 'quantum creation' pointed out.

5

Potencjalne ryzyka związane z przystąpieniem do strefy euro – doświadczenia państw Europy Środkowo-Wschodniej

80%

Sawulski J.

Studia BAS

|

2019

|

issue 3(59)

115-129

EN

This article discusses experience of Central and Eastern European (CEE) countries which have adopted the euro. The emphasis is placed on three phenomena: an increase in inflation, a decline in competitiveness and a greater volatility of the economic growth. As the analysis shows, there was no effect of price increase due to currency conversion in all CEE countries, as well as neither loss of competitiveness nor decrease in foreign trade balance has been proved. However, CEE countries that adopted the euro experienced greater fluctuations of economic growth – both the minimum and maximum GDP growth rate was relatively high in comparison to CEE countries which kept their currencies.

6

A review of inflation from 1906 to 2022: a comprehensive analysis of inflation studies from a global perspective

80%

Wang X., Xu Z., Wang X., Skare M.

Oeconomia Copernicana

|

2022

|

vol. 13

|

issue 3

595-631

EN

Research background: Inflation has always been the core issue of economic research and there are many academic research achievements in this field. In recent years, global inflation has intensified, and many scholars focus on research in this field again, providing certain reference value for countries around the world to formulate corresponding macro policies. Purpose of the article: The five-year impact factors are used as the evaluation criteria in this paper, and 1,637 high-quality documents on inflation from 1906 to 2022 are collected from the Web of Science Core Collection database. Using bibliometrics, a comprehensive review of influential literature in the field of inflation is conducted to reveal the evolution and trends of the field. Methods: First, we focus on these high-quality documents about the descriptive statistical characteristics, high cited documents and high impact factor journals. Then, based on the visualization tool, the cooperative network of countries/regions, authors and institutions is depicted and the cooperative relationship between them is determined. At the same time, the most influential countries/regions, authors and institutions are identified by analyzing the citation structure. In addition, through thematic and keyword analysis, the topic hotspots and future research trends of high-quality literature in the field of inflation are deduced. Findings & value added: On the whole, the research on inflation in the United States is relatively mature, and has produced a large number of influential academic cooperation results. Finally, we have a series of discussions on the history of inflation in the United States and policy suggestions. In the future, governments of various countries, especially the United States, will still face certain challenges in how to formulate policies and measures to mitigate the impact of inflation.

7

Czy władza, w imię dobrych intencji może łamać zasady równości obywateli? Kto odpowiada za poziom inflacji i co z tego wynika?

80%

Hoppe G., Kraszewski R.

Pieniądze i Więź

|

2012

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vol. 15

|

issue 2(55)

132-136

EN

The article presents an inconsistency of the provisions of tax from individuals, concerning the tax on capital income, with the articles of the Constitution and also with the loss of money value in time. Logical reasoning and presented example show that in the light of established law the state makes an assignment of the property of its citizens.

8

Nowokeynesowska hybrydowa krzywa Philipsa – szacunki dla Polski . w oparciu o dane miesięczne

80%

Baranowski P., Leszczyńska A.

Studia Prawno-Ekonomiczne

|

2010

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vol. LXXXI (81)

209-218

EN

The purpose of the paper is to estimate parameters of the New Keynesian Philips Curve, NKPC, for Poland by means of monthly data. The so called hybrid NKPC that is taken in the investigation extends the NKPC by adaptive expectations, which allows for implementation of the theoretical New Keynesian model to empirical analyses. Starting with theoretical specification, the authors provide the reader with statistical data and the estimation method used in the research, which is followed by presentation of empirical outcomes and conclusions.

9

Public debt, money and consumer prices: a vector error correction model for Germany

80%

Nastansky A., Strohe H. G.

Econometrics. Ekonometria. Advances in Applied Data Analytics

|

2015

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issue 1 (47)

9-31

EN

In the paper, the authors analyse the interaction between public debt and inflation including the mutual impulse response. The European sovereign debt crisis brought once again a focus onto the consequences of government debt in combination with an expansionary monetary policy for the development of consumer prices. Public deficits can lead to higher inflation rates if the money supply is expansionary. The high level of national debt, not only in the Euro-crisis countries, and the strong increase in the total assets of the European Central Bank, as a result of the unconventional monetary policy, have caused fears of inflating government debt. The transmission from public debt to inflation through money supply and long-term interest rate will be shown in the paper. Based on these theoretical thoughts, the variables: public debt, consumer price index, money stock m3 and long-term interest rate will be analysed within a vector error correction model. In the empirical part of this article, quarterly data for Germany from 1991 to 2014 are to be examined.

10

Does Inflation Matter? The Influence of Perceived Price Changes on Well-being

80%

Below Ł.

Central European Journal of Economic Modelling and Econometrics

|

2024

|

issue 1

61-93

EN

We confirm the inflation and well-being correlation scheme while filling the gap in the literature and estimating the effects of inflation perception on wellbeing. We discover the significant heterogeneity in attitudes toward inflation and inflation perception among European countries. While the inflation perception influence on well-being in Eastern Europe is higher than the influence of HICP, for Western Europe, it is the opposite. Both groups differ in terms of the marginal rate of substitution between inflation and unemployment – the effects of higher unemployment are more severe in comparison to the influence of inflation in Western Europe.

11

European Household Savings Dynamics: Under Inflation and Post-Pandemic Shocks

80%

Mierzejewski M., Szczurek J.

Journal of Banking and Financial Economics

|

2025

|

issue 1(23)

70-82

EN

The Covid-19 pandemic, which began in early 2020, triggered a global health and economic crisis, leading to unprecedented changes in consumer behaviour and the functioning of national economies. This article examines the impact of the pandemic and the subsequent inflationary crisis on household savings levels in selected European countries. The analysis includes an assessment of household responses to changing macroeconomic conditions, such as inflation, interest rates, and household incomes, as well as the effectiveness of implemented monetary and fiscal policies. The study employs a neural network model considering autoregressive relationships in a panel data approach. The research covers data from 2000–2023 for fifteen European countries. The results indicate a two-phase reaction of households: an initial sharp increase in savings in the first year of the pandemic, followed by a decline in these values below projected levels. Four groups of countries with similar reaction trajectories were identified, highlighting the diversity in savings strategies. The study emphasizes the importance of flexibility in managing economic crises and adjusting policies to specific local conditions. These findings are crucial for policymakers, enabling the development of more effective strategies for responding to future economic crises.

12

Aggregated Inflation in Poland: Examining Impact of the Energy Commodity Global Prices

80%

Palac P., Tomala J.

Prace Komisji Geografii Przemysłu Polskiego Towarzystwa Geograficznego

|

2024

|

vol. 38

|

issue 4

7-23

EN

The relationship between energy commodity prices and inflation has important implications for fiscal policy and economic stability. The nature of energy commodities is multi‑dimensional, serving both as basic raw materials in production processes and as critical consumer goods. This study focuses on estimating the impact of oil, natural gas and coal prices on inflation in Poland. Through the adoption of multiple regression models using quarterly data from Q2 2000 to Q3 2023, the study aims to estimate the impact of energy commodity prices, particularly oil, coal, and natural gas, on inflation in Poland and to answer the research question: What role do energy commodity prices play in shaping inflation in Poland? The empirical analysis revealed that oil and coal prices significantly influence inflation, reflecting Poland’s energy dependency. Natural gas prices showed a limited impact due to lower consumption and mitigation policy measures. The significant impact of energy prices suggests that energy market developments should be closely monitored for their inflationary potential. The study offers valuable insights for policymakers in their efforts to effectively manage inflationary pressure. The article contributes to the literature by presenting the short‑run relationship between inflation and energy commodity prices, covering long period of time with both financial, COVID‑19 crisis and the Russian aggression in Ukraine.

13

The Assessment of Legal Constructs Protecting Taxpayers Against of Inflation in the Personal Income Tax and the Inheritance and Donation Tax

80%

Burzec M.

Teka Komisji Prawniczej

|

2021

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vol. 14

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issue 2

79-89

EN

One of the factors negatively influencing an assessment of the tax liability is inflation. An increase in prices of goods and services without simultaneous adjustment for inflation of the construction elements sensitive to erosion, or lack of application of an effective corrective mechanism, leads to a gradual reduction in the taxpayer’s ability to pay. This results in a violation of the principle of tax justice, even in a situation where the provisions of tax law are formally correct. The aim of this article is to answer the question whether there are any legal constructs in Poland that protect taxpayers against the negative impact of inflation and, if so, whether they protect them effectively. The article analyses legal regulations contained in the Personal Income Tax Act and the Inheritance and Donation Tax Act which refer to structural elements of taxes expressed as an amount. The research covers the period of over thirty years, i.e. from the beginning of social and economic changes in Poland, characterised by high inflation, to the present day.

14

The impact of markups and wages on changes in the level of inflation in Poland

80%

Kosztowniak A.

Managerial Economics

|

2023

|

vol. 24

|

issue 2

145-164

EN

This paper analysis of the impact of markups and wages of enterprises on changes in the level of inflation in Poland in the years 2007–2022. The impact of markups and wages on changes in CPI were assessed using the VECM model, the impulse responses, and the variance decomposition. The results indicate that industrial sector, including the mining and quarrying section, showed the highest dynamics of changes in markups and wages. In the years 2005–2022, the impact of markups on changes in CPI was stronger, although it was losing importance, with a weaker but growing impact of wages. Forecasts of the degree of clarification of the CPI in Poland indicate a greater importance of markups, with the impact of wages weaker by half, but growing over time. The paper extends the state of theoretical and empirical studies on the determinants of the CPI and the inflation expectations. It also considers the context of persistent exogenous and endogenous shocks from the COVID-19 pandemic and the war in Ukraine, and changes in demand and supply impulses. The results of this study may be valuable as a contribution.

15

Zależności między inflacją a bezrobociem w największych gospodarkach świata

80%

Grabia T.

Ekonomista

|

2016

|

issue 4

520-545

PL

Artykuł omawia zależność między inflacją a bezrobociem w największych krajach o gospodarce rynkowej (Stanach Zjednoczonych, Japonii, Niemczech, Francji i W. Brytanii). Badany okres obejmuje lata 1965–2013. W analizie wykorzystano ilustracje graficzne, współczynniki korelacji oraz wskaźniki wrażliwości inflacji na zmianę bezrobocia i odwrotnie (tzw. współczynniki poświęcenia). Na podstawie przeprowadzonej analizy można wyciągnąć dwa zasadnicze wnioski. Po pierwsze, w żadnym z badanych krajów, poza Japonią, nie można mówić o silnej ujemnej zależności między bezrobociem a inflacją. Po drugie, wzrost bezrobocia we wszystkich badanych krajach w ciągu ostatniego półwiecza może świadczyć o nadmiernej restrykcyjności polityki makroekonomicznej. Z analizy wynika, że dotyczyło to przede wszystkim Niemiec, Japonii i Francji.

EN

The article discusses the relationships between inflation and unemployment in major market economies (the United States, Japan, Germany, France, and Great Britain). The study covers the years 1965–2013. The analysis uses graphs, correlation coefficients and indicators of the sensitivity of inflation to change in unemployment and vice versa (i.e. sacrifice ratio). Based on the analysis, two main conclusions can be drawn. Firstly, there were no strong negative relationships between unemployment and inflation in any of the studied countries, apart from Jaapan. Secondly, a rise in unemployment in all the analyzed countries in the last half-century may indicate excessively strict macroeconomic policies. The analysis shows that it concerned mainly Germany, Japan and France.

RU

В статье рассматривается зависимость между инфляцией и безработицей в крупнейших странах с рыночной экономикой (Соединенных Штатах, Японии, Германии, Франции и Великобритании). Исследуемый период охватывает 1965–2013 гг. Для анализа были использованы графические иллюстрации, коэффициенты корреляции, а также показа- тели чувствительности инфляции к колебаниям уровня безработицы и наоборот (так называемые коэффициенты издержек). На основании проведенного анализа можно сделать два основных вывода. Во- первых, ни в одной из исследуемых стран кроме Японии нельзя говорить о сильной отрицательной зависимости между безработицей и инфляцией. Во-вторых, рост безра- ботицы во всех исследуемых странах на протяжении последних пятидесяти лет может свидетельствовать о чрезмерной жесткости макроэкономической политики. Из анализа вытекает, что это касалось прежде всего Германии, Японии и Франции.

16

Time-Varying Exchange Rate Pass-through in Eastern Europe

80%

Shevchuk V.

Metody Ilościowe w Badaniach Ekonomicznych

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2022

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vol. 23

|

issue 3

88-97

EN

Using quarterly data for the 1998-2021 period, and with the application of Kalman filter estimates it is shown that the incomplete exchange rate pass-through (ERPT) is somewhat stronger for countries with a floating exchange rate regime, especially for producer prices. Since the middle of 2000s, the ERPT to consumer and producer prices for 11 Central and Eastern European (CEE) countries, as well as for the Baltic States, seems to be stable in most of the countries. With the exception of the Czech Republic, Romania, Estonia and Latvia, there is a tendency for strengthening of the ERPT to producer prices in the wake of the world financial crisis of 2008-2009.

17

HOW DEMOGRAPHY AFFECTS THE ECONOMY - IMPACT OF POPULATION AGEING ON INFLATION

80%

Broniatowska P.

Metody Ilościowe w Badaniach Ekonomicznych

|

2018

|

vol. 19

|

issue 1

1-11

EN

The motivation of this paper is to check whether inflation is linked to the population age structure. To check this hypothesis, a panel data model is used. We regress the changes in CPI on a set of macroeconomic variables. The results of the estimations suggest that there may be a relation between demography and low-frequency inflation. A larger old-age dependency ratio is correlated with lower inflation. This may confirm some of the previous empirical findings that ageing is deflationary when related to increased life expectancy.

18

THE INFLATION IMPACT OF SELECTED EUROPEAN UNION MEMBERS ON POLISH INFLATION

80%

Czaja J., Kuźmiński Ł.

Finansowy Kwartalnik Internetowy e-Finanse

|

2012

|

vol. 8

|

issue 2

11-24

EN

The article aims at determining the inflation influence between Poland and selected EU member states. Although for some time the general inflation level in those countries was definitely controllable, the problem seems to be returning. That is why in this article, using the model of Vector AutoRegression (VAR) and Granger causality test, we are attempting to determine inflation influences on Poland. The study confirmed the impact of the selected countries on Polish inflation, expressed the general HICP index. However, in the case of Germany, the method has not proved the existence of such interactions. For this reason, it is made an attempt to clarify the reasons for non-compliance findings with data showing Germany as a Polish main trading partner for more than two decades. The authors try to show that lack of influence can be seen in the excessive generality of the main HICP index and predict that the chosen method confirm the effect of foreign trade indices in the HICP.

19

Inflation in a virtual economy – a real or virtual threat?

80%

Maciejasz-Świątkiewicz M., Musiał M.

Nauki o Finansach

|

2014

|

issue 4(21)

42-51

EN

The aim of the paper is an analysis of the way and circumstances under which inflation can occur in a virtual economy. It is also an attempt to answer the question whether, and in what way virtual inflation may be related to inflation in the real economy. The article is conceptual, because in the present state of statistical data the effects of virtual economies are not carried out, or are generated in a very small number, which makes it impossible to make reliable calculations.

20

The impact of macroeconomic measures on the valuation of listed equity in the US. Insights from high inflation periods

80%

Novak D.

Managerial Economics

|

2025

|

vol. 26

|

issue 1

23-76

EN

While the relationship between stock prices and macroeconomic indicators in the US has been widely examined, conflicting findings in the empirical literature suggest the presence of nonlinear dynamics that remain insufficiently explored. Following the work of A. López-Villavicencio and V. Mignon (2011), and A. Brick and D. Nautz (2008), inflation rates above a threshold level of 3% to 5% are associated with significant adverse effects on economic stability and stock market volatility. Therefore, there is a notable gap in the literature regarding the interactions between macroeconomic measures and stock prices during periods of elevated inflation, focusing on potential threshold effects. This study examines these relationships using monthly data from August 1973 to August 1982, representing High-Inflation Period 1, and from January 2021 to June 2024, representing High-Inflation Period 2. The analysis compares the direction and magnitude of the relationships across both periods. The results confirm that hedging against price level increases is a stronger determinant than withdrawal from capital markets due to heightened uncertainty caused by rising inflation rates, which would otherwise lead to declining stock prices. Additionally, the results highlight a strategic shift in US monetary policy, leading to better-anchored inflation expectations. The analysis also indicates that industrial production has become a less reliable proxy for economic activity in recent years, reflecting the US economy’s transition towards a service-oriented structure. Overall, the observed cointegration between stock prices and macroeconomic variables challenges the assumptions of the Efficient Market Hypothesis.

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