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Impact of globalisation? Changes in the MTM in Poland

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  • Chmielewski, Tomasz
  • Kot, Adam

Abstract

The relationship between economic slack and inflation has been getting vague and blurred recently in the monetary transmission models supporting the MPC decision making process. This paper shows that the relationship holds robustly for inflation measures corrected for textile, footwear, audio appliances and telecom devices. The prices of those four consumption basket components have exhibited a downward trend irrespective of what is going on with the rest of consumption process for already five years. The results are supported by the evidence from VAR.

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File URL: http://mpra.ub.uni-muenchen.de/8386/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8386.

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Date of creation: 13 Sep 2006
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Handle: RePEc:pra:mprapa:8386

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  1. Kenneth Rogoff, 2003. "Globalization and global disinflation," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 45-78.
  2. Peersman, Gert & Smets, Frank, 2001. "The monetary transmission mechanism in the euro area: more evidence from VAR analysis," Working Paper Series 0091, European Central Bank.
  3. Papa M'B. P. N'Diaye & Douglas Laxton, 2002. "Monetary Policy Credibility and the Unemployment-Inflation Tradeoff," IMF Working Papers 02/220, International Monetary Fund.
  4. Tatiana Fic & Marcin Kolasa & Adam Kot & Karol Murawski & Michal Rubaszek & Magdalena Tarnicka, 2005. "ECMOD Model of the Polish Economy," National Bank of Poland Working Papers 36, National Bank of Poland, Economic Institute.
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Cited by:
  1. Balázs Égert, 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe," Working Papers 138, Oesterreichische Nationalbank (Austrian Central Bank).
  2. Balázs �gert, 2007. "Real Convergence, Price Level Convergence and Inflation in Europe," Working Papers 267, Bruegel.
  3. Jerzy Pruski & Piotr Szpunar, 2008. "The monetary transmission mechanism in Poland," BIS Papers chapters, in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 427-437 Bank for International Settlements.

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