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Impact of globalisation? Changes in the MTM in Poland

Author

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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.

Suggested Citation

  • Chmielewski, Tomasz & Kot, Adam, 2006. "Impact of globalisation? Changes in the MTM in Poland," MPRA Paper 8386, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:8386
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    File URL: https://mpra.ub.uni-muenchen.de/8386/1/MPRA_paper_8386.pdf
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    References listed on IDEAS

    as
    1. Kenneth S. Rogoff, 2003. "Globalization and global disinflation," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 77-112.
    2. Papa M N'Diaye & Douglas Laxton, 2002. "Monetary Policy Credibility and the Unemployment-Inflation Tradeoff; Some Evidence From 17 Industrial Countries," IMF Working Papers 02/220, International Monetary Fund.
    3. 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.
    4. Tatiana Fic & Marcin Kolasa & Adam Kot & Karol Murawski & Michal Rubaszek & Magdalena Tarnicka, 2005. "ECMOD Model of the Polish Economy," NBP Working Papers 36, Narodowy Bank Polski, Economic Research Department.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Balázs Égert, 2007. "Real Convergence, Price Level Convergence and Inflation in Europe," Working Papers 267, Bruegel.
    2. 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.
    3. Balázs Egert, 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe," CESifo Working Paper Series 2127, CESifo Group Munich.
    4. Balázs Egert, 2007. "Real Convergence, Price Level Convergence and Inflation Differentials in Europe," CESifo Working Paper Series 2127, CESifo Group Munich.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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