Details about Michal Brzoza-Brzezina
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Last updated 2025-06-22. Update your information in the RePEc Author Service.
Short-id: pbr47
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Working Papers
2024
- Challenges for monetary and fiscal policy interactions in the post-pandemic era
Occasional Paper Series, European Central Bank  View citations (3)
- For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus
Working Paper Series, European Central Bank View citations (1)
Also in KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis (2024)
2023
- Estimates and projections of the natural rate of interest for Poland and the euro area
NBP Working Papers, Narodowy Bank Polski View citations (1)
See also Journal Article Estimates and Projections of the Natural Rate of Interest for Poland and the Euro Area, Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics (2024) View citations (1) (2024)
2022
- Monetary policy in a two-country model with behavioral expectations
NBP Working Papers, Narodowy Bank Polski View citations (3)
2021
- Aging, migration and monetary policy in Poland
NBP Working Papers, Narodowy Bank Polski
See also Journal Article Aging, Migration and Monetary Policy in Poland, Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics (2022) View citations (1) (2022)
- Intergenerational redistributive effects of monetary policy
Working Papers, Faculty of Economic Sciences, University of Warsaw View citations (4)
Also in KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis (2021) View citations (4)
See also Journal Article Intergenerational Redistributive Effects of Monetary Policy, Journal of the European Economic Association, European Economic Association (2022) View citations (6) (2022)
- Monetary Policy and COVID-19
IMF Working Papers, International Monetary Fund View citations (6)
Also in KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis (2021) View citations (4)
See also Journal Article Monetary Policy and COVID-19, International Journal of Central Banking, International Journal of Central Banking (2022) View citations (7) (2022)
- The Great Lockdown: information, noise and macroeconomic fluctuations
KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis
Also in Working Papers, Faculty of Economic Sciences, University of Warsaw (2021)
See also Journal Article The great lockdown: information, noise, and macroeconomic fluctuations, Macroeconomic Dynamics, Cambridge University Press (2023) (2023)
2020
- Demographics and the natural interest rate in the euro area
Working Papers, Faculty of Economic Sciences, University of Warsaw View citations (21)
Also in KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis (2020) View citations (21)
See also Journal Article Demographics and the natural interest rate in the euro area, European Economic Review, Elsevier (2020) View citations (16) (2020)
- Distributional consequences of conventional and unconventional monetary policy
NBP Working Papers, Narodowy Bank Polski
- International confidence spillovers and business cycles in small open economies
KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis View citations (2)
Also in NBP Working Papers, Narodowy Bank Polski (2018)
See also Journal Article International confidence spillovers and business cycles in small open economies, Empirical Economics, Springer (2021) View citations (1) (2021)
- International information flows, sentiments and cross-country business cycle fluctuations
KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis
See also Journal Article International information flows, sentiments, and cross‐country business cycle fluctuations, Review of International Economics, Wiley Blackwell (2022) (2022)
2019
- Multi-period loans, occasionally binding constraints and monetary policy: a quantitative evaluation
NBP Working Papers, Narodowy Bank Polski View citations (2)
Also in Working Papers, Federal Reserve Bank of Cleveland (2019) View citations (1)
Bank of England working papers, Bank of England (2018) View citations (5)
See also Journal Article Multiperiod Loans, Occasionally Binding Constraints, and Monetary Policy: A Quantitative Evaluation, Journal of Money, Credit and Banking, Blackwell Publishing (2020) View citations (10) (2020)
2018
- Demographics, monetary policy and the zero lower bound
2018 Meeting Papers, Society for Economic Dynamics View citations (21)
Also in NBP Working Papers, Narodowy Bank Polski (2018) View citations (23)
See also Journal Article Demographics, Monetary Policy, and the Zero Lower Bound, Journal of Money, Credit and Banking, Blackwell Publishing (2023) View citations (3) (2023)
- The non-linear nature of country risk and its implications for DSGE models
KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis View citations (4)
Also in NBP Working Papers, Narodowy Bank Polski (2016) View citations (2)
See also Journal Article THE NONLINEAR NATURE OF COUNTRY RISK AND ITS IMPLICATIONS FOR DSGE MODELS, Macroeconomic Dynamics, Cambridge University Press (2020) View citations (8) (2020)
2017
- Could the boom-bust in the eurozone periphery have been prevented?
NBP Working Papers, Narodowy Bank Polski View citations (6)
Also in GRAPE Working Papers, GRAPE Group for Research in Applied Economics (2017) View citations (6)
See also Journal Article Could the Boom‐Bust in the Eurozone Periphery Have Been Prevented?, Journal of Common Market Studies, Wiley Blackwell (2019) View citations (12) (2019)
- Crisis, contagion and international policy spillovers under foreign ownership of banks
GRAPE Working Papers, GRAPE Group for Research in Applied Economics
Also in 2015 Meeting Papers, Society for Economic Dynamics (2015)
NBP Working Papers, Narodowy Bank Polski (2016)
KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis (2016)
See also Journal Article Crisis, contagion and international policy spillovers under foreign ownership of banks, Journal of Financial Stability, Elsevier (2018) View citations (9) (2018)
- Monetary and macroprudential policy with foreign currency loans
GRAPE Working Papers, GRAPE Group for Research in Applied Economics View citations (10)
Also in Working Paper Series, European Central Bank (2015) View citations (5)
NBP Working Papers, Narodowy Bank Polski (2014) View citations (14)
2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (11)
See also Journal Article Monetary and macroprudential policy with foreign currency loans, Journal of Macroeconomics, Elsevier (2017) View citations (13) (2017)
2016
- Is Poland at risk of the zero lower bound?
KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis View citations (9)
See also Journal Article Is Poland at risk of the zero lower bound?, Bank i Kredyt, Narodowy Bank Polski (2016) View citations (8) (2016)
- The nonlinear nature of country risk
EcoMod2016, EcoMod View citations (4)
- Why may large economies suffer more at the zero lower bound?
NBP Working Papers, Narodowy Bank Polski
Also in KAE Working Papers, Warsaw School of Economics, Collegium of Economic Analysis (2016)
2015
- A penalty function approach to occasionally binding credit constraints
EcoMod2015, EcoMod View citations (10)
Also in Dynare Working Papers, CEPREMAP (2013) View citations (5)
NBP Working Papers, Narodowy Bank Polski (2013) View citations (4)
See also Journal Article A penalty function approach to occasionally binding credit constraints, Economic Modelling, Elsevier (2015) View citations (11) (2015)
2014
- Can interest rate spreads stabilize the euro area?
EcoMod2014, EcoMod
Also in NBP Working Papers, Narodowy Bank Polski (2014)
See also Journal Article Can interest rate spreads stabilize the euro area?, Applied Economics, Taylor & Francis Journals (2015) (2015)
- Monetary and macroprudential policy with multi-period loans
Working Paper, Norges Bank View citations (25)
Also in NBP Working Papers, Narodowy Bank Polski (2014) View citations (15)
2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (11)
2013
- Bayesian evaluation of DSGE models with financial frictions
Working Papers, Department of Applied Econometrics, Warsaw School of Economics View citations (45)
Also in NBP Working Papers, Narodowy Bank Polski (2012) View citations (5)
See also Journal Article Bayesian Evaluation of DSGE Models with Financial Frictions, Journal of Money, Credit and Banking, Blackwell Publishing (2013) View citations (17) (2013)
- Macroprudential policy and imbalances in the euro area
NBP Working Papers, Narodowy Bank Polski View citations (29)
Also in Working Paper Series, European Central Bank (2013) View citations (21)
See also Journal Article Macroprudential policy and imbalances in the euro area, Journal of International Money and Finance, Elsevier (2015) View citations (94) (2015)
- Would it have paid to be in the eurozone?
Working Papers, Department of Applied Econometrics, Warsaw School of Economics View citations (1)
Also in NBP Working Papers, Narodowy Bank Polski (2012) View citations (5)
See also Journal Article Would it have paid to be in the eurozone?, Economic Modelling, Elsevier (2014) View citations (7) (2014)
2012
- Competitiveness and external imbalances within the euro area
Occasional Paper Series, European Central Bank View citations (13)
- How forward looking are central banks? Some evidence from their forecasts
NBP Working Papers, Narodowy Bank Polski
See also Journal Article How forward-looking are central banks? Some evidence from their forecasts, Applied Economics Letters, Taylor & Francis Journals (2013) View citations (6) (2013)
- Measuring the Natural Yield Curve
EcoMod2012, EcoMod View citations (1)
Also in NBP Working Papers, Narodowy Bank Polski (2012) View citations (1)
See also Journal Article Measuring the natural yield curve, Applied Economics, Taylor & Francis Journals (2014) View citations (10) (2014)
2011
- Can we prevent boom-bust cycles during euro area accession?
NBP Working Papers, Narodowy Bank Polski
Also in Working Paper Series, European Central Bank (2010) View citations (14)
See also Journal Article Can We Prevent Boom-Bust Cycles During Euro Area Accession?, Open Economies Review, Springer (2014) View citations (31) (2014)
- Monetary policy in a non-representative agent economy: A survey
NBP Working Papers, Narodowy Bank Polski View citations (1)
See also Journal Article MONETARY POLICY IN A NON-REPRESENTATIVE AGENT ECONOMY: A SURVEY, Journal of Economic Surveys, Wiley Blackwell (2013) View citations (7) (2013)
- The anatomy of standard DSGE models with financial frictions
NBP Working Papers, Narodowy Bank Polski View citations (9)
See also Journal Article The anatomy of standard DSGE models with financial frictions, Journal of Economic Dynamics and Control, Elsevier (2013) View citations (67) (2013)
2010
- Credit Crunch in a Small Open Economy
NBP Working Papers, Narodowy Bank Polski View citations (7)
Also in MPRA Paper, University Library of Munich, Germany (2009) View citations (14)
See also Journal Article Credit crunch in a small open economy, Journal of International Money and Finance, Elsevier (2011) View citations (41) (2011)
- Substitution between domestic and foreign currency loans in Central Europe. Do central banks matter?
Working Paper Series, European Central Bank View citations (57)
Also in MPRA Paper, University Library of Munich, Germany (2007) View citations (30)
2009
- Estimating pure inflation in the Polish economy
Working Papers, Department of Applied Econometrics, Warsaw School of Economics View citations (4)
2008
- Mr. Wicksell and the global economy: What drives real interest rates?
Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) View citations (4)
Also in Working Papers, Faculty of Economics and Statistics, Universität Innsbruck (2007) View citations (5)
- The Relativity Theory Revisited: Is Publishing Interest Rate Forecasts Really so Valuable?
NBP Working Papers, Narodowy Bank Polski View citations (10)
Also in MPRA Paper, University Library of Munich, Germany (2008) View citations (8)
2007
- Downward nominal wage rigidity in Poland
NBP Working Papers, Narodowy Bank Polski View citations (12)
Also in MPRA Paper, University Library of Munich, Germany (2006) View citations (3)
2005
- Lending Booms in Europe’s Periphery: South-Western Lessons for Central-Eastern Members
Macroeconomics, University Library of Munich, Germany View citations (13)
- Lending booms in the new EU Member States: will euro adoption matter?
Working Paper Series, European Central Bank View citations (31)
2004
- Designing Poland's Macroeconomic Strategy on the Way to the Euro Area
EUI-RSCAS Working Papers, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS) View citations (4)
Also in Macroeconomics, University Library of Munich, Germany (2004)
- The Information Content of the Natural Rate of Interest: The Case of Poland
Macroeconomics, University Library of Munich, Germany View citations (11)
2003
- Estimating the Natural Rate of Interest: A SVAR Approach
Macroeconomics, University Library of Munich, Germany View citations (16)
Also in NBP Working Papers, Narodowy Bank Polski (2002) View citations (9)
- Exchange Rate Regimes and Poland's Participation in ERM II
Macroeconomics, University Library of Munich, Germany View citations (14)
2002
- The Relationship between Real Interest Rates and Inflation
NBP Working Papers, Narodowy Bank Polski View citations (3)
Journal Articles
2025
- Monetary and fiscal policy in a two-country model with behavioral expectations
Journal of International Money and Finance, 2025, 155, (C)
2024
- Estimates and Projections of the Natural Rate of Interest for Poland and the Euro Area
Gospodarka Narodowa. The Polish Journal of Economics, 2024, (3), 1-32 View citations (1)
See also Working Paper Estimates and projections of the natural rate of interest for Poland and the euro area, NBP Working Papers (2023) View citations (1) (2023)
2023
- Demographics, Monetary Policy, and the Zero Lower Bound
Journal of Money, Credit and Banking, 2023, 55, (7), 1857-1887 View citations (3)
See also Working Paper Demographics, monetary policy and the zero lower bound, 2018 Meeting Papers (2018) View citations (21) (2018)
- The great lockdown: information, noise, and macroeconomic fluctuations
Macroeconomic Dynamics, 2023, 27, (4), 906-927
See also Working Paper The Great Lockdown: information, noise and macroeconomic fluctuations, KAE Working Papers (2021) (2021)
2022
- Aging, Migration and Monetary Policy in Poland
Gospodarka Narodowa. The Polish Journal of Economics, 2022, (1), 5-30 View citations (1)
See also Working Paper Aging, migration and monetary policy in Poland, NBP Working Papers (2021) (2021)
- Intergenerational Redistributive Effects of Monetary Policy
(Price-Level Changes and the Redistribution of Nominal Wealth Across the Euro Area)
Journal of the European Economic Association, 2022, 20, (2), 549-580 View citations (6)
See also Working Paper Intergenerational redistributive effects of monetary policy, Working Papers (2021) View citations (4) (2021)
- International information flows, sentiments, and cross‐country business cycle fluctuations
Review of International Economics, 2022, 30, (4), 1110-1147
See also Working Paper International information flows, sentiments and cross-country business cycle fluctuations, KAE Working Papers (2020) (2020)
- Monetary Policy and COVID-19
International Journal of Central Banking, 2022, 18, (1), 41-80 View citations (7)
See also Working Paper Monetary Policy and COVID-19, IMF Working Papers (2021) View citations (6) (2021)
2021
- Are DSGE models irreparably flawed?
Bank i Kredyt, 2021, 52, (3), 227-252 View citations (1)
- International confidence spillovers and business cycles in small open economies
Empirical Economics, 2021, 61, (2), 773-798 View citations (1)
See also Working Paper International confidence spillovers and business cycles in small open economies, KAE Working Papers (2020) View citations (2) (2020)
2020
- Demographics and the natural interest rate in the euro area
European Economic Review, 2020, 129, (C) View citations (16)
See also Working Paper Demographics and the natural interest rate in the euro area, Working Papers (2020) View citations (21) (2020)
- Multiperiod Loans, Occasionally Binding Constraints, and Monetary Policy: A Quantitative Evaluation
Journal of Money, Credit and Banking, 2020, 52, (7), 1691-1718 View citations (10)
See also Working Paper Multi-period loans, occasionally binding constraints and monetary policy: a quantitative evaluation, NBP Working Papers (2019) View citations (2) (2019)
- THE NONLINEAR NATURE OF COUNTRY RISK AND ITS IMPLICATIONS FOR DSGE MODELS
Macroeconomic Dynamics, 2020, 24, (3), 601-628 View citations (8)
See also Working Paper The non-linear nature of country risk and its implications for DSGE models, KAE Working Papers (2018) View citations (4) (2018)
2019
- Comment on “The limits of forward guidance” by Jeffrey R. Campbell, Filippo Ferroni, Jonas D. M. Fisher and Leonardo Melosi
Journal of Monetary Economics, 2019, 108, (C), 135-139 View citations (3)
- Could the Boom‐Bust in the Eurozone Periphery Have Been Prevented?
Journal of Common Market Studies, 2019, 57, (2), 336-352 View citations (12)
See also Working Paper Could the boom-bust in the eurozone periphery have been prevented?, NBP Working Papers (2017) View citations (6) (2017)
2018
- Crisis, contagion and international policy spillovers under foreign ownership of banks
Journal of Financial Stability, 2018, 36, (C), 293-304 View citations (9)
See also Working Paper Crisis, contagion and international policy spillovers under foreign ownership of banks, GRAPE Working Papers (2017) (2017)
2017
- Monetary and macroprudential policy with foreign currency loans
Journal of Macroeconomics, 2017, 54, (PB), 352-372 View citations (13)
See also Working Paper Monetary and macroprudential policy with foreign currency loans, GRAPE Working Papers (2017) View citations (10) (2017)
2016
- Amplification of shocks at the zero lower bound in a small open and large closed economy
Applied Economics Letters, 2016, 23, (14), 1029-1033 View citations (3)
- Is Poland at risk of the zero lower bound?
Bank i Kredyt, 2016, 47, (3), 195-226 View citations (8)
See also Working Paper Is Poland at risk of the zero lower bound?, KAE Working Papers (2016) View citations (9) (2016)
2015
- A penalty function approach to occasionally binding credit constraints
Economic Modelling, 2015, 51, (C), 315-327 View citations (11)
See also Working Paper A penalty function approach to occasionally binding credit constraints, EcoMod2015 (2015) View citations (10) (2015)
- Can interest rate spreads stabilize the euro area?
Applied Economics, 2015, 47, (34-35), 3696-3709
See also Working Paper Can interest rate spreads stabilize the euro area?, EcoMod2014 (2014) (2014)
- Macroprudential policy and imbalances in the euro area
Journal of International Money and Finance, 2015, 51, (C), 137-154 View citations (94)
See also Working Paper Macroprudential policy and imbalances in the euro area, NBP Working Papers (2013) View citations (29) (2013)
2014
- Can We Prevent Boom-Bust Cycles During Euro Area Accession?
Open Economies Review, 2014, 25, (1), 35-69 View citations (31)
See also Working Paper Can we prevent boom-bust cycles during euro area accession?, NBP Working Papers (2011) (2011)
- Financial Frictions and Macroprudential Policy
International Journal of Central Banking, 2014, 10, (2), 249-261 View citations (2)
- Measuring the natural yield curve
Applied Economics, 2014, 46, (17), 2052-2065 View citations (10)
See also Working Paper Measuring the Natural Yield Curve, EcoMod2012 (2012) View citations (1) (2012)
- Would it have paid to be in the eurozone?
Economic Modelling, 2014, 41, (C), 66-79 View citations (7)
See also Working Paper Would it have paid to be in the eurozone?, Working Papers (2013) View citations (1) (2013)
2013
- Bayesian Evaluation of DSGE Models with Financial Frictions
Journal of Money, Credit and Banking, 2013, 45, (8), 1451-1476 View citations (17)
Also in Journal of Money, Credit and Banking, 2013, 45, (8), 1451-1476 (2013) View citations (45)
See also Working Paper Bayesian evaluation of DSGE models with financial frictions, Working Papers (2013) View citations (45) (2013)
- How forward-looking are central banks? Some evidence from their forecasts
Applied Economics Letters, 2013, 20, (2), 142-146 View citations (6)
See also Working Paper How forward looking are central banks? Some evidence from their forecasts, NBP Working Papers (2012) (2012)
- MONETARY POLICY IN A NON-REPRESENTATIVE AGENT ECONOMY: A SURVEY
Journal of Economic Surveys, 2013, 27, (4), 641-669 View citations (7)
See also Working Paper Monetary policy in a non-representative agent economy: A survey, NBP Working Papers (2011) View citations (1) (2011)
- The anatomy of standard DSGE models with financial frictions
Journal of Economic Dynamics and Control, 2013, 37, (1), 32-51 View citations (67)
See also Working Paper The anatomy of standard DSGE models with financial frictions, NBP Working Papers (2011) View citations (9) (2011)
2011
- Credit crunch in a small open economy
Journal of International Money and Finance, 2011, 30, (7), 1406-1428 View citations (41)
See also Working Paper Credit Crunch in a Small Open Economy, NBP Working Papers (2010) View citations (7) (2010)
2009
- Bezwzględna stopa inflacji w gospodarce polskiej
Gospodarka Narodowa. The Polish Journal of Economics, 2009, (9), 1-21 View citations (1)
2006
- The information content of the neutral rate of interest
The Economics of Transition, 2006, 14, (2), 391-412 View citations (15)
Chapters
2025
- Monetary policy and welfare redistribution in Poland
A chapter in How can central banks take account of differences across households and firms for monetary policy?, 2025, vol. 157, pp 257-270
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