Budnik, Katarzyna - Narodowy Bank Polski - 2008
The model of the wage bargaining constitutes a framework for calculation of the NAWRU in Poland. The approach used in … — ECMOD. It allowed me to simulate NAWRU behavior after economic shocks. Simulation results shed some light on channels and … speed of adjustment of the modelled economy. Interestingly, when NAWRU is tied to the stock of capital, relative prices and …