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The Contribution of Monetary Policy to Mitigating the Consequences of the World Economic Crisis in Poland

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  • Vujanić Vlado

    (PhD student, University of Banja Luka, Faculty of Economics, Bosnia and Herzegovina)

  • Gligorić Dragan

    (University of Banja Luka, Faculty of Economics, Bosnia and Herzegovina)

  • Žarković Nikola

    (Independent university Banja Luka, Faculty of Economics, Bosnia and Herzegovina)

Abstract

The economic authorities of each country seek to maintain the expansion phase through the implementation of various economic policy measures, namely, to prevent or mitigate the recessionary phase in economic development. In that context, it is of considerable importance to understand how monetary policy decisions affect the movement of macroeconomic variables. The paper aims to examine and evaluate the contribution of monetary policy to mitigating the effects of the global economic and financial crisis, using the Autoregressive Distributed Lag model, by analysing the impact of the real exchange rate, reference interest rate and money supply on the level of economic activity in Poland. Econometric analysis encompasses the period from 2006 to 2017. The research results suggest that there is a significant relationship between real economic activity and the real exchange rate both in the short and long term, but not between the reference interest rate and the money supply.

Suggested Citation

  • Vujanić Vlado & Gligorić Dragan & Žarković Nikola, 2019. "The Contribution of Monetary Policy to Mitigating the Consequences of the World Economic Crisis in Poland," Economic Themes, Sciendo, vol. 57(3), pages 329-350, September.
    • Handle: RePEc:vrs:ecothe:v:57:y:2019:i:3:p:329-350:n:5
    DOI: 10.2478/ethemes-2019-0019
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Poland; monetary policy; economic crisis; exchange rate; interest rate; GDP;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • 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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