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Monetary transmission mechanism in Poland. What do we know in 2017?

Tomasz Chmielewski, Mariusz Kapuściński, Andrzej Kocięcki (), Tomasz Łyziak, Jan Przystupa (), Ewa Stanisławska and Ewa Wróbel ()

No 286, NBP Working Papers from Narodowy Bank Polski, Economic Research Department

Abstract: The picture of the monetary policy transmission mechanism in Poland emerging from the latest report is consistent with the findings of the previous research. We confirm a greater role of bank credit in the monetary policy transmission mechanism than in the past as well as the currently small importance of the exchange rate for economic activity and markedly smaller impact of exchange rate fluctuations on inflation than in previous decades. From the point of view of the tasks of the central bank, the most important finding from the empirical research that was carried out is that we do not find evidence to believe that the period of historically low interest rates caused a decline in the effectiveness of the transmission of monetary policy impulses or led to banks taking on excessive risk, with negative consequences for financial stability that this would entail.

Pages: 74
Date: 2018
New Economics Papers: this item is included in nep-cba, nep-mon and nep-tra
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Handle: RePEc:nbp:nbpmis:286