Showing 1 - 10 of 16
The aim of this paper is to assess the non-monetary effects of the euro accession of Poland. The literature identifies two channels that potentially may affect the economy: (i) diminishing of investment risk premia through lower interest rates and cost of capital services and (ii) trade creation...
Persistent link: https://www.econbiz.de/10013131223
Estimates of monopolistic markups are relatively scarce in the literature mostly due to lack of appropriate data and methodological difficulties, while their behaviour has important implications for the conduct of monetary policy. We estimate the monopolistic markups in the Polish economy in the...
Persistent link: https://www.econbiz.de/10013008044
This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity across these two regions. Overall, our results can be seen as rather inconclusive about the differences in parameters describing agents' decision-making in Poland and in the...
Persistent link: https://www.econbiz.de/10013130695
This paper presents the structural macroeconometric model of the Polish economy, NECMOD, which was developed foremost to facilitate implementation of the monetary policy in Poland through a regular delivery of inflation and GDP projections. The model encompasses all major channels of the...
Persistent link: https://www.econbiz.de/10013130751
Euro-area accession caused boom-bust cycles in several catching-up economies. Declining interest rates and easier financing conditions fuelled spending and worsened the current account balance. Over time inflation deteriorated external competitiveness and lowered domestic demand, turning the...
Persistent link: https://www.econbiz.de/10013131035
This paper investigates the channels through which the global crisis of 2008-2009 spread to economic activity of an emerging, fast growing economy with sound macroeconomic fundamentals. On the basis of Polish firm-level data we find that a number of individual firm characteristics account for a...
Persistent link: https://www.econbiz.de/10013131269
This paper introduces a formal method of combining expert and model density forecasts when the sample of past forecasts is unavailable. It works directly with the expert forecast density and endogenously delivers weights for forecast combination, relying on probability rules only. In the...
Persistent link: https://www.econbiz.de/10013122708
The recent global financial crisis has increased interest in macroeconomic models that incorporate financial linkages. Here, we compare the simulation properties of five medium-sized general equilibrium models used in eurosystem central banks which incorporate such linkages. The financial...
Persistent link: https://www.econbiz.de/10013108526
We evaluate two most popular approaches to implementing financial frictions into DSGE models: the Bernanke et al. (1999) setup, where financial frictions enter through the price of loans, and the Kiyotaki and Moore (1997) model, where they concern the quantity of loans. We take both models to...
Persistent link: https://www.econbiz.de/10013108963
Since its creation the euro area suffered from imbalances between its core and peripheral members. This paper checks whether macroprudential policy applied to the peripheral countries could contribute to providing more macroeconomic stability in this region. To this end we build a two economy...
Persistent link: https://www.econbiz.de/10013087116