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Produkcja we wzrostowej fazie cyklu koniunkturalnego w Polsce

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  • Jędruchniewicz, Andrzej

Abstract

The article aims to validate two hypotheses underlying the so-called Austrian Business Cycle Theory. The first hypothesis is that an expansive monetary policy lengthens the production process and increases the time it takes for consumer goods to be produced. The second hypothesis is that interest rate cuts lead to relative differences in the growth of production in industries manufacturing goods in different temporal distances from the consumer. The research methods used in the article are consistent with the methodological approach of the Austrian Business Cycle Theory. The author uses a deduction method based on applying verbal logic in the analysis of the sequence of economic processes. The article also uses a comparative method in the analysis of dynamic changes in the examined values. The research carried out by the author validated both hypotheses. The analysis based on the adopted indicators showed that production of consumer goods was lengthened in Poland between the third quarter of 2002 and the second quarter of 2008, a period when the Juglar cycle was in its growth phase. The same was true of some shorter expansion phases of the business cycle, the author says. The analysis also showed that, after Poland’s central bank (NBP) cut interest rates, production of goods most distant from the consumer and of durable goods grew faster than production of goods closer to the end consumer.

Suggested Citation

  • Jędruchniewicz, Andrzej, 2012. "Produkcja we wzrostowej fazie cyklu koniunkturalnego w Polsce," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2012(10), October.
  • Handle: RePEc:ags:polgne:358641
    DOI: 10.22004/ag.econ.358641
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    References listed on IDEAS

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    1. Frederick C. Mills, 1936. "Prices in Recession and Recovery: A Survey of Recent Changes," NBER Books, National Bureau of Economic Research, Inc, number mill36-1, October.
    2. Block, Walter & Garschina, Kenneth M, 1996. "Hayek, Business Cycles and Fractional Reserve Banking: Continuing the De-homogenization Process," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 9(1), pages 77-94.
    3. Frederick C. Mills, 1936. "Index to "Prices in Recession and Recovery: A Survey of Recent Changes"," NBER Chapters, in: Prices in Recession and Recovery: A Survey of Recent Changes, pages 573-581, National Bureau of Economic Research, Inc.
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