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Monetary policy transmission mechanism in Poland What do we know in 2023?

Author

Listed:
  • Michał Greszta

    (Narodowy Bank Polski)

  • Marcin Humanicki

    (Narodowy Bank Polski)

  • Mariusz Kapuściński

    (Narodowy Bank Polski)

  • Tomasz Kleszcz

    (Narodowy Bank Polski)

  • Andrzej Kocięcki

    (Narodowy Bank Polski)

  • Jacek Kotłowski

    (Narodowy Bank Polski)

  • Michał Ledóchowski

    (Narodowy Bank Polski)

  • Michał Łesyk

    (Narodowy Bank Polski)

  • Tomasz Łyziak

    (Narodowy Bank Polski)

  • Mateusz Pipień

    (Narodowy Bank Polski)

  • Piotr Popowski

    (Narodowy Bank Polski)

  • Ewa Stanisławska

    (Narodowy Bank Polski)

  • Karol Szafranek

    (Narodowy Bank Polski)

  • Grzegorz Szafrański

    (Narodowy Bank Polski)

  • Dorota Ścibisz

    (Narodowy Bank Polski)

  • Grzegorz Wesołowski

    (Narodowy Bank Polski)

  • Ewa Wróbel

    (Narodowy Bank Polski)

Abstract

This report presents the current body of knowledge on the monetary transmission mechanism in Poland. The presented findings confirm the impact of short-term interest rates on a range of macroeconomic variables, indicating in particular that following a monetary policy tightening there is – ceteris paribus – an appreciation of the domestic currency, and, with a lag, a decrease in the volume of credit, economic activity, and inflation.

Suggested Citation

  • Michał Greszta & Marcin Humanicki & Mariusz Kapuściński & Tomasz Kleszcz & Andrzej Kocięcki & Jacek Kotłowski & Michał Ledóchowski & Michał Łesyk & Tomasz Łyziak & Mateusz Pipień & Piotr Popowski & Ew, 2023. "Monetary policy transmission mechanism in Poland What do we know in 2023?," NBP Working Papers 365, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpmis:365
    Note: The report presents the opinions of its authors and should not be interpreted as the view of Narodowy Bank Polski. The authors are grateful to Piotr Szpunar for his valuable comments to the report.
    as

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    File URL: https://static.nbp.pl/publikacje/materialy-i-studia/365_en.pdf
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    References listed on IDEAS

    as
    1. Martin Cerisola & Gaston Gelos, 2009. "What drives inflation expectations in Brazil? An empirical analysis," Applied Economics, Taylor & Francis Journals, vol. 41(10), pages 1215-1227.
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    Cited by:

    1. Szafranek, Karol & Szafrański, Grzegorz & Leszczyńska-Paczesna, Agnieszka, 2024. "Inflation returns. Revisiting the role of external and domestic shocks with Bayesian structural VAR," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 789-810.

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