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Heterogeneous Impact of Monetary Policy on Regional Economic Activity: Empirical Evidence for Poland

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  • Ageliki Anagnostou
  • Paweł Gajewski

Abstract

This article investigates the regional impact of monetary policy shocks in Poland. Regional responses to monetary policy shocks are estimated using Bayesian vector autoregressive approach, which allows us to model the entire panel of Polish regions through the imposition of a shrinkage prior. We then investigate factors underlying the asymmetric regional responses. We show that the regional differentiation in output response is stronger than those of unemployment or inflation. The asymmetry seems to be related to the regional industrial structure and demographic features.

Suggested Citation

  • Ageliki Anagnostou & Paweł Gajewski, 2020. "Heterogeneous Impact of Monetary Policy on Regional Economic Activity: Empirical Evidence for Poland," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(8), pages 1893-1906, July.
    • Handle: RePEc:mes:emfitr:v:55:y:2020:i:8:p:1893-1906
    DOI: 10.1080/1540496X.2018.1531751
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    Cited by:

    1. Gajewski Pawe³, 2018. "Demand and Supply Shock Symmetry across Polish Voievodships," Lodz Economics Working Papers 5/2018, University of Lodz, Faculty of Economics and Sociology.
    2. Ageliki Anagnostou & Pawel Gajewski, 2021. "Multi-Regional Input–Output Tables for Macroeconomic Simulations in Poland’s Regions," Economies, MDPI, vol. 9(4), pages 1-19, October.

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