The stabilising expenditure rule (SER) imposed on general government (GG) sector in Poland has been binding since 2014. According to this rule, about 90% of GG expenditure will grow in line with the real medium-term GDP, or slower if there is excessive debt or deficit, or balance does not meet...

This paper studies the long-run relationship between consumption, labour income and asset wealth in Poland. Within cointegrated VAR model dynamic responses of the variables in the system to shocks are studied. In addition series are decomposed into permanent and transitory components. Main...

This paper generalizes the standard methods of solving rational expectations models to the case of time-varying nonstochastic parameters, recurring in a finite cycle. Such a specification occurs in a simple stylized New Keynesian model of the euro area when we combine the rotation in the ECB...

This paper presents the Econometric Model of Public Finance, eMPF. The model has been developed and maintained at the Polish Ministry of Finance to facilitate forecasting process, especially for the budget and convergence programme purposes, and to deliver scenario analyses. We present the...

It is commonly argued that Poland avoided a massive drop in output during the 2008/2009 economic crisis in part thanks to substantial nominal zloty's depreciation against the euro. The Polish case is often contrasted with Slovakia that adopted the euro in January 2009 and, since the Ecofin...

We develop a framework for assessing the welfare implications of the new EU's Excessive Imbalance Procedure (EIP) to be implemented in 2012, with a special focus on the current account (CA) constraint. For this purpose, we apply a New Keynesian 2-region, 2-sector DSGE model, using the second...

Funded defined contribution (FDC) scheme (Open Pension Funds) was created in Poland in 1999. 37.4% of the pension contribution is redirected to FDC, while the rest remains in the public notional defined contribution (NDC) system. The FDC share of the contribution is relatively high compared to...