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Monetary Policy Transmission Disturbances During the Financial Crisis

Author

Listed:
  • Tomasz Lyziak
  • Jan Przystupa
  • Ewa Stanislawska
  • Ewa Wrbel

Abstract

The aim of this paper is to show the implications of the current financial crisis for the monetary transmission mechanism (MTM) and its effectiveness in Poland, which is an inflation-targeting emerging market economy. MTM depends on monetary policy, but also on structural features of the economy. Financial crisis can affect both. Our results based on Polish data suggest a change in the monetary policy rule and a significant drop in overall monetary policy effectiveness. Unlike disturbances in the interest rate pass-through, which reflect an increased perception of risk and result from the financial crisis, the more pronounced role of credit market imperfections and the weakening of the exchange rate channel can be viewed as typical phenomena in the current phase of the business cycle. However, the magnitude of the crisis, the likely changes in the regulatory framework, and adjustments in macroeconomic policies can result in the deeper evolution of the MTM.

Suggested Citation

  • Tomasz Lyziak & Jan Przystupa & Ewa Stanislawska & Ewa Wrbel, 2011. "Monetary Policy Transmission Disturbances During the Financial Crisis," Eastern European Economics, Taylor & Francis Journals, vol. 49(5), pages 75-96, September.
    • Handle: RePEc:mes:eaeuec:v:49:y:2011:i:5:p:75-96
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    Citations

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    Cited by:

    1. Petrevski, Goran & Bogoev, Jane, 2012. "Interest rate pass-through in South East Europe: An empirical analysis," Economic Systems, Elsevier, vol. 36(4), pages 571-593.
    2. Anna Sznajderska, 2012. "On the empirical evidence of asymmetry effects in the interest rate pass-through in Poland," NBP Working Papers 114, Narodowy Bank Polski.
    3. Iulian Popescu, 2012. "Effects Of Monetary Policy In Romania - A Var Approach," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4(3a), pages 605-624, September.
    4. Popescu, Iulia Vasile, 2012. "Effects of monetary policy in Romania. A VAR approach," MPRA Paper 41686, University Library of Munich, Germany.
    5. Kateřina Myšková & David Hampel & Anna Dobešová, 2013. "Impulse-response analysis of monetary policy - Visegád group countries case," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(7), pages 2561-2567.
    6. repec:rej:journl:v:16:y:2013:i:47:p:57-74 is not listed on IDEAS
    7. repec:jes:wpaper:y:2012:v:4:p:605-624 is not listed on IDEAS
    8. Haug, Alfred A. & Jędrzejowicz, Tomasz & Sznajderska, Anna, 2019. "Monetary and fiscal policy transmission in Poland," Economic Modelling, Elsevier, vol. 79(C), pages 15-27.

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