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Monetary policy transmission mechanism in Poland.What do we know in 2015?

Mariusz Kapuściński, Andrzej Kociecki (), Halina Kowalczyk, Tomasz Łyziak, Jan Przystupa (), Ewa Stanisławska, Anna Sznajderska () and Ewa Wróbel ()

No 249, NBP Working Papers from Narodowy Bank Polski, Economic Research Department

Abstract: In this study we present a complex analysis of the monetary policy transmission mechanism in Poland. We find that this mechanism is quite stable, although the relative strength of its channels has been changing. In particular, the decline in the role of the exchange channel over the recent years has been accompanied by the growing role of credit (and the credit channel) and the growing anticipation of economicagents. In connection with the latter, in the assessment of the economic impact of the monetary policy, not only decisions in the scope of short-term interest rates but also central bank communication should be taken into account.

Keywords: Monetary transmission mechanism; Poland (search for similar items in EconPapers)
JEL-codes: E43 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-tra
Date: 2016
References: Add references at CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed

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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpmis:249

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