This paper is part of a larger project that questions the common notion of similarity in the Polish and Russian stabilization programs, which clearly brought about different results. It investigates an array of nominal systems for the Polish economy, of domestic price level, import prices, exchange rates, money stock, nominal wages, and real output, and conducts I(1) and I(2) cointegration analyses. Post-stabilization monthly data are used, 1991:5-1999:12. A test for the presence of a price-wage spiral is performed, and the stabilization package is compared to its realization. The long-run homogeneity hypothesis, the impact of monetary and incomes policies, and of external sector variables on long and medium run price development are studied. It is found that in Poland, contrary to some earlier studies, the external sector is not important for the long run price development. On the contrary, very strong evidence is found of the cost-push inflation. These results are very different from the Russian rience, where inflation has had mostly monetary roots. The paper concludes with a comparative policy analysis.
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Paper provided by European University Institute in its series Economics Working Papers with number
ECO2003/06.
Length: Date of creation: 2003 Date of revision: Handle: RePEc:eui:euiwps:eco2003/06
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Find related papers by JEL classification: C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Peter Christoffersen & Peter Doyle, 2000.
"From Inflation to Growth,"
The Economics of Transition,
The European Bank for Reconstruction and Development, vol. 8(2), pages 421-451, July.
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