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Monetary policy transmission mechanism in Poland. What do we know in 2011?



In the light of the results of empirical studies presented in the Report and the literature available45 it may be concluded that the form of the monetary policy transmission mechanism in Poland is consistent with structural features of the Polish economy and coincides with those characteristic of more developed European economies, e.g. the euro area. Although the financial intermediation system is less developed than in the euro area, Poland, like the new EU Member States is characterised by a lower degree of rigidity and more frequent price adjustments (as a result of a relatively higher and more volatile inflation), due to which there exist no grounds for stating that the transmission mechanism is weaker in these countries than in the euro area countries. The characteristics of the monetary policy transmission mechanism in Poland, which changed considerably in the transition period along with the development of the financial system and changes in the monetary policy, displayed symptoms of stabilisation in 2004/2005-2007. Poland’s accession to the European Union, resulting in a major reduction of macroeconomic uncertainty, was one of the factors that contributed to this process. The monetary policy transmission mechanism was, however, disturbed by the financial crisis. Its impact on the transmission mechanism remains strong, which is demonstrated notably by the analysis of the effectiveness of transmission mechanism channels.

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  • Tomasz Łyziak & Oksana Demchuk & Jan Przystupa & Anna Sznajderska & Ewa Wróbel, 2012. "Monetary policy transmission mechanism in Poland. What do we know in 2011?," NBP Working Papers 116, Narodowy Bank Polski, Economic Research Department.
  • Handle: RePEc:nbp:nbpmis:116 Note: Proceedings from the NBP seminar “Monetary policy transmission mechanism in Poland. What do we know in 2011?”, December 5th, 2011.

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    References listed on IDEAS

    1. 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, Economic Research Department.
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    1. repec:agr:journl:v:2(591):y:2014:i:2(591):p:35-66 is not listed on IDEAS
    2. Mariusz Kapuściński & Ewa Stanisławska, 2016. "Interest rate pass-through in Poland since the global financial crisis," NBP Working Papers 247, Narodowy Bank Polski, Economic Research Department.
    3. Grzegorz Wesołowski, 2016. "Do long term interest rates drive GDP and inflation in small open economies? Evidence from Poland," NBP Working Papers 242, Narodowy Bank Polski, Economic Research Department.
    4. repec:rej:journl:v:16:y:2013:i:47:p:57-74 is not listed on IDEAS
    5. Malik Qasim KHASAWNEH, 2015. "The Impact of Monetary policy on Consumption and Investment in Jordan during (1989-2013)," Journal of Economics Library, KSP Journals, vol. 2(3), pages 155-164, September.
    6. Tomasz Lyziak, 2014. "Inflation expectations in Poland, 2001–2013. Measurement and macroeconomic testing," NBP Working Papers 178, Narodowy Bank Polski, Economic Research Department.
    7. repec:jes:wpaper:y:2012:v:4:p:605-624 is not listed on IDEAS
    8. Hałka & Szafranek, 2016. "Whose Inflation Is It Anyway? Inflation Spillovers Between the Euro Area and Small Open Economies," Eastern European Economics, Taylor & Francis Journals, vol. 54(2), pages 109-132, March.
    9. Michal Andrle & Roberto Garcia-Saltos & Giang Ho, 2013. "The Role of Domestic and External Shocks in Poland; Results from an Agnostic Estimation Procedure," IMF Working Papers 13/220, International Monetary Fund.
    10. Tomasz Łyziak, 2013. "A note on central bank transparency and credibility in Poland," NBP Working Papers 162, Narodowy Bank Polski, Economic Research Department.
    11. 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.
    12. repec:mes:eaeuec:v:54:y:2016:i:2:p:109-132 is not listed on IDEAS
    13. Popescu, Iulia Vasile, 2012. "Effects of monetary policy in Romania. A VAR approach," MPRA Paper 41686, University Library of Munich, Germany.

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