Bezwzględna stopa inflacji w gospodarce polskiej

Michał Brzoza-Brzezina and Jacek Kotłowski

Gospodarka Narodowa-The Polish Journal of Economics, 2009, vol. 2009, issue 9

Abstract: The authors use a restricted factor model to estimate the Harmonized Index of Consumer Prices (HICP) excluding relative price changes. The index obtained in this way, referred to as pure inflation, demonstrates a stronger relationship to the central bank’s short-term interest rate than the HICP index and selected measures of core inflation. Pure inflation also has a forecasting effect on the future HICP, comparable or better than that of competing models. The estimated variable shows that changes in relative prices played a much smaller role in the recent period of rising inflation (2006-2008) than during previous inflation increases (1999-2000 and 2004-2005). This shows that inflation was mainly driven by demand pressures in 2006-2008, the authors conclude.

Keywords: Financial; Economics (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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Journal Article: Bezwzględna stopa inflacji w gospodarce polskiej (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:polgne:356696

DOI: 10.22004/ag.econ.356696

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