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The Monetary Transmission Mechanism In Polish Economy

Author

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  • Adam Waszkowski

    (Warsaw University of Life Sciences - SGGW)

Abstract

The aim of this article is to define the monetary transmission mechanism of the Polish economy and to identify the impact of shocks from the monetary policy on macroeconomic indicators such as price levels or GDP. In this regard there were used a theoretical vector autoregression model and conducted its recursive structure proposed by Sims (1980) using Cholesky decomposition. This allowed to isolate the impact of shocks: a supply, a demand, monetary and exchange rate on the value and output growth, inflation and exchange rate. Thanks to this it was visualized in the Polish economy a phenomenon of output and price puzzle.

Suggested Citation

  • Adam Waszkowski, 2012. "The Monetary Transmission Mechanism In Polish Economy," Oeconomia Copernicana, Institute of Economic Research, vol. 3(3), pages 21-35, September.
    • Handle: RePEc:pes:ieroec:v:3:y:2012:i:3:p:21-35
    DOI: 10.12775/OeC.2012.013
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    More about this item

    Keywords

    monetary transmission mechanism; vector autoregression; impulse response function;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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