The Contribution of Monetary Policy to Mitigating the Consequences of the World Economic Crisis in Poland

Vujanić Vlado (), Gligorić Dragan () and Žarković Nikola ()
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Vujanić Vlado: PhD student, University of Banja Luka, Faculty of Economics, Bosnia and Herzegovina
Gligorić Dragan: University of Banja Luka, Faculty of Economics, Bosnia and Herzegovina
Žarković Nikola: Independent university Banja Luka, Faculty of Economics, Bosnia and Herzegovina

Economic Themes, 2019, vol. 57, issue 3, 329-350

Abstract: The economic authorities of each country seek to maintain the expansion phase through the implementation of various economic policy measures, namely, to prevent or mitigate the recessionary phase in economic development. In that context, it is of considerable importance to understand how monetary policy decisions affect the movement of macroeconomic variables. The paper aims to examine and evaluate the contribution of monetary policy to mitigating the effects of the global economic and financial crisis, using the Autoregressive Distributed Lag model, by analysing the impact of the real exchange rate, reference interest rate and money supply on the level of economic activity in Poland. Econometric analysis encompasses the period from 2006 to 2017. The research results suggest that there is a significant relationship between real economic activity and the real exchange rate both in the short and long term, but not between the reference interest rate and the money supply.

Keywords: Poland; monetary policy; economic crisis; exchange rate; interest rate; GDP (search for similar items in EconPapers)
JEL-codes: E52 E58 F31 F43 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecothe:v:57:y:2019:i:3:p:329-350:n:5

DOI: 10.2478/ethemes-2019-0019

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