Heterogeneous Impact of Monetary Policy on Regional Economic Activity: Empirical Evidence for Poland

Ageliki Anagnostou and Pawel Gajewski

Emerging Markets Finance and Trade, 2020, vol. 55, issue 8, 1893-1906

Abstract: This article investigates the regional impact of monetary policy shocks in Poland. Regional responses to monetary policy shocks are estimated using Bayesian vector autoregressive approach, which allows us to model the entire panel of Polish regions through the imposition of a shrinkage prior. We then investigate factors underlying the asymmetric regional responses. We show that the regional differentiation in output response is stronger than those of unemployment or inflation. The asymmetry seems to be related to the regional industrial structure and demographic features.

Date: 2020
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Journal Article: Heterogeneous Impact of Monetary Policy on Regional Economic Activity: Empirical Evidence for Poland (2019)
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DOI: 10.1080/1540496X.2018.1531751

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