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Moderate Inflation in Poland

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  • Thierry Pujol
  • Mark E. L. Griffiths
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    Abstract

    Why is moving from moderate to low inflation almost always slow or costly? This paper answers this question, based on the Polish experience. First, reflecting the transition to a market economy, Polish inflation has been marked by significant changes in relative prices. Second, as wage and price indexation takes root, the inflationary effect of shocks to relative prices is magnified. Third, lagging structural reform, including the failure to extend hard budget constraints to all sectors of the economy, makes monetary policy less effective. Reduced money supply growth with structural reform offers the best prospect for moving to low inflation.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 96/57.

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    Length: 44
    Date of creation: 01 Jun 1996
    Date of revision:
    Handle: RePEc:imf:imfwpa:96/57

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    Cited by:
    1. Kim, Byung-Yeon, 2001. "Determinants of Inflation in Poland: A Structural Cointegration Approach," BOFIT Discussion Papers 16/2001, Bank of Finland, Institute for Economies in Transition.
    2. Masso, Jaan & Staehr, Karsten, 2005. "Inflation dynamics and nominal adjustment in the Baltic States," Research in International Business and Finance, Elsevier, vol. 19(2), pages 281-303, June.
    3. Philipp C. Rother, 2000. "Inflation in Albania," IMF Working Papers 00/207, International Monetary Fund.
    4. Koskinen, Juha-Pekka & Koivu, Tuuli & Chowdhury, Abdur, 2004. "Selecting inflation indicators under an inflation targeting regime: evidence from the MCL method," BOFIT Discussion Papers 16/2004, Bank of Finland, Institute for Economies in Transition.

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