No 08-2010, Rationality of expectations, another OCA criterion? A DSGE analysis - A. Torój

Źródło: Departament Polityki Finansowej, Analiz i Statystyki

The Walters critique of EMU presumed that pro-cyclical country-specific real interest rates would incorporate significant macroeconomic instability in an environment of asymmetric shocks. The...

No 07-2010, What is the cost of funded pension scheme in Poland? - M. Kempa

Źródło: Departament Polityki Finansowej, Analiz i Statystyki

Funded defined contribution (FDC) scheme (Open Pension Funds) was created in Poland in 1999. 37.4% of the pension contribution is redirected to FDC, while the rest remains in the public notional...

No 06-2010, Estimating the Baumol-Bowen and Balassa-Samuelson effects in the Polish economy - a disaggregated approach - K. Konopczak, A. Torój

Źródło: Departament Polityki Finansowej, Analiz i Statystyki

This paper estimates the magnitude of the Baumol-Bowen and Balassa-Samuleson effects in the Polish economy. The purpose of the analysis is to establish to what extent the differential price dynamics...

No 05-2010, Seasonal adjustment of the consumer price index in Poland - A. Pierzak

Źródło: Departament Polityki Finansowej, Analiz i Statystyki

Seasonally adjusted inflation indexes are available in official statistics and commonly used for analyzing demand pressure in many developed countries. This paper studies the seasonality of consumer...

No 04-2010, Responses of the Polish economy to demand and supply shocks under alternative fiscal policy rules - P. Karp, M. Zachłod-Jelec

Źródło: Departament Polityki Finansowej, Analiz i Statystyki

Recent experiences of many countries during the crisis restored the important dilemma that fiscal policymakers face of how to alleviate the demand contraction while ensuring sustainability of public...

No 03-2010, Adjustment capacity in a monetary union a DSGE evaluation of Poland and Slovakia - A. Torój

Źródło: Departament Polityki Finansowej, Analiz i Statystyki

Once a country joins a monetary union, an efficient competitiveness channel is commonly considered to be the main substitute for the abandoned autonomous monetary and exchange rate policy. This paper...

No 02-2010, Interrelations between consumption and wealth in Poland - M. Zachłod-Jelec

Źródło: Departament Polityki Finansowej, Analiz i Statystyki

This paper studies the long-run relationship between consumption, labour income and asset wealth in Poland. Within cointegrated VAR model dynamic responses of the variables in the system to shocks are...