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The new macroeconometric model of the Polish economy

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This paper presents the structural macroeconometric model of the Polish economy, NECMOD, which was developed foremost to facilitate implementation of the monetary policy in Poland through a regular delivery of inflation and GDP projections. The model encompasses all major channels of the monetary policy transmission mechanism and is able to deliver a comprehensive account of factors underlying the main economic developments. With its complex labour market structure, explicit incorporation of inflation expectations, distortionary fiscal policy and heterogeneity of the capital stock, NECMOD is able to describe propagation of a range of macroeconomic shocks. As a forecasting and simulation tool, the model is specifically designed to reflect the dynamic nature of a converging economy.

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Paper provided by National Bank of Poland, Economic Institute in its series National Bank of Poland Working Papers with number 62.

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Length: 83
Date of creation: 2009
Date of revision:
Handle: RePEc:nbp:nbpmis:62

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Cited by:
  1. Katarzyna Budnik & Michal Greszta & Michal Hulej & Oskar Krzesicki & Roza Lewinska & Karol Murawski & Michal Rot & Bartosz Rybaczyk, 2009. "An update of the macroeconometric model of the Polish economy NECMOD," National Bank of Poland Working Papers 64, National Bank of Poland, Economic Institute.
  2. Sławomir Dudek & Tomasz Zając & Kamil Danielski & Magdalena Zachłod-Jelec & Paweł Kolski & Dawid Pachucki & Iwona Fudała-Poradzińska, 2012. "eMPF Econometric Model of Public Finance," Working Papers 14, Ministry of Finance in Poland.
  3. Katarzyna Budnik, 2012. "Do those who stay work less? On the impact of emigration on the measured TFP in Poland," National Bank of Poland Working Papers 113, National Bank of Poland, Economic Institute.
  4. Jan Hagemejer & Zbigniew Żółkiewski, 2013. "Short-run impact of the implementation of EU climate and energy package for Poland: computable general equilibrium model simulations," Bank i Kredyt, National Bank of Poland, Economic Institute, vol. 44(3), pages 237-260.
  5. Piotr Banbula & Witold Kozinski & Michal Rubaszek, 2011. "The role of the exchange rate in monetary policy in Poland," BIS Papers chapters, in: Bank for International Settlements (ed.), Capital flows, commodity price movements and foreign exchange intervention, volume 57, pages 285-295 Bank for International Settlements.

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