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Regionalne zróżnicowanie efektów impulsu polityki pieniężnej w Polsce

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  • Gajewski, Paweł

Abstract

The article looks at the problem of regional differences in monetary policy in Poland. The author seeks to identify key differences in the effects of monetary policy between the country’s eastern and western macroregions. The empirical exercise uses the standard vector autoregressive model with exogenous variables (VARX), expanded to include variables describing economic activity in the two macroregions. The results point to varying responses to a monetary shock – chiefly diverse adjustments following the shock as well as different reactions to monetary policy impulses, the author argues. While in the western macroregion a tighter monetary policy triggers a strong reaction on the part of industrial production, Gajewski says, the eastern macroregion is mostly affected via the labor market.

Suggested Citation

  • Gajewski, Paweł, 2015. "Regionalne zróżnicowanie efektów impulsu polityki pieniężnej w Polsce," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2015(4), August.
    • Handle: RePEc:ags:polgne:359011
    DOI: 10.22004/ag.econ.359011
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