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Monetary transmission mechanism in Poland. What do we know in 2017?

Author

Listed:
  • Tomasz Chmielewski

    (Narodowy Bank Polski)

  • Mariusz Kapuściński

    (Narodowy Bank Polski)

  • Andrzej Kocięcki

    (Narodowy Bank Polski)

  • Tomasz Łyziak

    (Narodowy Bank Polski)

  • Jan Przystupa

    (Narodowy Bank Polski)

  • Ewa Stanisławska

    (Narodowy Bank Polski)

  • Ewa Wróbel

    (Narodowy Bank Polski)

Abstract
The picture of the monetary policy transmission mechanism in Poland emerging from the latest report is consistent with the findings of the previous research. We confirm a greater role of bank credit in the monetary policy transmission mechanism than in the past as well as the currently small importance of the exchange rate for economic activity and markedly smaller impact of exchange rate fluctuations on inflation than in previous decades. From the point of view of the tasks of the central bank, the most important finding from the empirical research that was carried out is that we do not find evidence to believe that the period of historically low interest rates caused a decline in the effectiveness of the transmission of monetary policy impulses or led to banks taking on excessive risk, with negative consequences for financial stability that this would entail.

Suggested Citation

  • Tomasz Chmielewski & Mariusz Kapuściński & Andrzej Kocięcki & Tomasz Łyziak & Jan Przystupa & Ewa Stanisławska & Ewa Wróbel, 2018. "Monetary transmission mechanism in Poland. What do we know in 2017?," NBP Working Papers 286, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpmis:286
    as

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    References listed on IDEAS

    as
    1. Szafranek, Karol, 2017. "Flattening of the New Keynesian Phillips curve: Evidence for an emerging, small open economy," Economic Modelling, Elsevier, vol. 63(C), pages 334-348.
    2. Tomasz Łyziak, 2016. "The impact of financial crisis and low inflation environment on short-term inflation expectations in Poland," NBP Working Papers 235, Narodowy Bank Polski.
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    9. Marc J. Melitz, 2003. "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity," Econometrica, Econometric Society, vol. 71(6), pages 1695-1725, November.
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    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Anna Sznajderska, 2021. "The Impact of Foreign Shocks on the Polish Economy," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 1, pages 33-52.
    2. Tomasz Chmielewski & Tomasz Lyziak & Ewa Stanislawska, 2020. "Risk-Taking Channel and Its Non-Linearities: The Case of an Emerging Market Economy," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 70(1), pages 2-25, February.
    3. Ghosh, Taniya & Bhadury, Soumya Suvra, 2018. "Has Money Lost Its Relevance? Resolving the Exchange Rate Disconnect Puzzle," MPRA Paper 90627, University Library of Munich, Germany.
    4. Baranowski, Paweł & Doryń, Wirginia & Łyziak, Tomasz & Stanisławska, Ewa, 2021. "Words and deeds in managing expectations: Empirical evidence from an inflation targeting economy," Economic Modelling, Elsevier, vol. 95(C), pages 49-67.
    5. Anna Sznajderska & Mariusz Kapuściński, 2019. "The spillover effects of Chinese economy on Southeast Asia and Oceania," NBP Working Papers 315, Narodowy Bank Polski.
    6. Hagemejer, Jan & Hałka, Aleksandra & Kotłowski, Jacek, 2022. "Global value chains and exchange rate pass-through—The role of non-linearities," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 461-478.

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