Monetary Policy Transmission Mechanism in Poland - What Do We Know in 2011?

Abstract

, for their comments on the text. The usual disclaimer applies. V. Disturbances in monetary transmission mechanism in Poland during the financial crisis and assessment of transmission effectiveness ..

The Impact of Monetary Policy and Exchange Rate Shocks in Poland: Evidence from a Time-Varying VAR

“…More specifically, between 1996 and 1998 the cumulative output loss stands at about 1% after eight quarters compared to only 0.4% in 2004Q3 (Figure 1a). These results are similar to those found by Lyziak et al (2012) in a structural VAR accounting for boom/bust cycles. Our results may partly reflect the adoption of an inflation targeting framework by the Polish central bank in 1998 and the fact that a more credible central bank is generally able to achieve its inflation objective at lower output costs, see also Darvas (2009).…”

“…An excellent summary is given by Égert and MacDonald (2009). Examples of a standard VAR to examine the impact of monetary policy shocks are Creel and Levasseur (2005) and Lyziak et al (2012). An analysis based on time-varying coefficients and contemporaneous restrictions via the standard recursive ordering is done by Darvas (2009).…”

Empirical Analysis of Monetary Policy Channels and the Nigerian Economy

“…Also, in a related study by Demchuk, Tomasz, Przystupa, Sznajderska and Wróbel (2012) on the behaviour of some transmission mechanisms in Poland using data from 1998 to 2011 with Vector Autoregressive and structural models, the results reveal that only the interest rate channel is important to the economy, while both the interest rate and credit channels are only relevant for investment purposes. The study conducted by Montiel (2013) examines the monetary transmission mechanisms in the Uganda economy using Vector Autoregressive methods, and data from December 2001 to June 2011.…”

Whose Inflation Is It Anyway? The Inflation Spillovers Between The Euro Area and Small Open Economies

“…They observe weakening relationship between domestic economic conditions and the inflation rate and conclude that the importance of the global output gap has risen between the 1980s and the 2000s. Moreover, they suggest that exchange rate pass-through becomes weaker, what is proved in estimates for Poland by Lyziak et al (2014). Ciccarelli and Mojon (2010) find that nearly 70% of inflation variability is driven by the common, global factor.…”