Polish Stabilization: What can we learn from the I(2) Cointegration Analysis?

Ekaterina Vostroknutova

Economic Change and Restructuring, 2003, vol. 36, issue 2, 177-198

Abstract: This paper investigates an array of nominal systems for the Polish economy, of domestic price level, import prices, exchange rates, money stock, nominal wages, and real output, and conducts I(1) and I(2) cointegration analyses. Post-stabilization monthly data are used, 1991:5-1999:12. A test for the presence of a price-wage spiral is performed, and the stabilization package is compared to its realization. The long-run homogeneity hypothesis, the impact of monetary and incomes policies, and of external sector variables on long and medium run price development are studied. It is found that in Poland, contrary to some earlier studies, the external sector is not important for the long run price development. On the contrary, very strong evidence is found of the cost-push inflation. Copyright Kluwer Academic Publishers 2003

Keywords: cointegration; I(2); incomes policy; monetary policy; Poland; stabilization (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (6)

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DOI: 10.1023/B:ECOP.0000012311.52328.9a

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