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Inflation in Poland

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  • Céline Allard
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    Abstract

    This paper analyses how globalization has affected inflation in the New EU Members States (NMS), and Poland in particular, since 1995. It finds prices have become less sensitive to domestic economic conditions as trade integration rose, possibly because monetary policy incentives increasingly shifted toward meeting price stability objectives. Quantitatively, globalization appears to have lowered Polish prices by ½ to 1 percentage point annually since 1995, substantially more than in advanced economies. However, future inflation-dampening effects in the NMS are likely to be smaller as the pace of increases in trade openness moderates.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/41.

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    Length: 21
    Date of creation: 01 Feb 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/41

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    Related research

    Keywords: Trade policy; inflation; monetary policy; price inflation; price stability; national bank; inflation rates; monetary fund; low inflation; moderate inflation; inflation target; inflation rate; macroeconomic analysis; monetary policy objectives; central bank; lower inflation; percent inflation; average inflation; price level;

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    References

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    1. Laurence Ball & N. Gregory Mankiw, 1993. "Relative-price changes as aggregate supply shocks," Working Papers 93-13, Federal Reserve Bank of Philadelphia.
    2. Razin, Assaf, 2005. "Globalization and Disinflation: A Note," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4826, C.E.P.R. Discussion Papers.
    3. Kenneth Rogoff, 2003. "Globalization and global disinflation," Economic Review, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, issue Q IV, pages 45-78.
    4. Chen, Natalie & Imbs, Jean & Scott, Andrew, 2004. "Competition, Globalization and the Decline of Inflation," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4695, C.E.P.R. Discussion Papers.
    5. David Romer, 1991. "Openness and Inflation: Theory and Evidence," NBER Working Papers 3936, National Bureau of Economic Research, Inc.
    6. Shang-Jin Wei & Irina Tytell, 2004. "Does Financial Globalization Induce Better Macroeconomic Policies?," IMF Working Papers 04/84, International Monetary Fund.
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    Citations

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    Cited by:
    1. Mukherjee, Deepraj & Kemme, David, 2008. "Evaluating inflation forecast models for Poland: Openness matters, money does not (but its cost does)," MPRA Paper 14952, University Library of Munich, Germany.
    2. Edda Zoli, 2009. "Commodity Price Volatility, Cyclical Fluctuations, and Convergence," IMF Working Papers 09/41, International Monetary Fund.

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