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The paper examines the endogenous money supply theory for a representative emerging market economy, namely Poland. The … supply endogeneity in Poland during the 2001-16 period. The demand for bank credit, represented by bank lending, causes … money supply in Poland – a finding which further undermines the popular ‘money multiplier’ view. The above conclusions …
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The paper provides an overview of the literature on the role of monetary aggregates for conducting monetary policy and attempts to assess the role of these aggregates in the Polish monetary policy. We compare theoretical and empirical arguments which justify or undermine the need for usage of...
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