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The new macroeconometric model of the Polish economy

Katarzyna Budnik (), Michal Greszta, Michal Hulej, Marcin Kolasa (), Karol Murawski, Michal Rot, Bartosz Rybaczyk and Magdalena Tarnicka
Additional contact information
Michal Hulej: National Bank of Poland, Economic Institute, http://www.nbp.pl
Karol Murawski: National Bank of Poland, Economic Institute, http://www.nbp.pl
Michal Rot: National Bank of Poland, Economic Institute, http://www.nbp.pl
Bartosz Rybaczyk: National Bank of Poland, Economic Institute, http://www.nbp.pl
Magdalena Tarnicka: National Bank of Poland, Economic Institute, http://www.nbp.pl

No 62, NBP Working Papers from Narodowy Bank Polski, Economic Research Department

Abstract: This paper presents the structural macroeconometric model of the Polish economy, NECMOD, which was developed foremost to facilitate implementation of the monetary policy in Poland through a regular delivery of inflation and GDP projections. The model encompasses all major channels of the monetary policy transmission mechanism and is able to deliver a comprehensive account of factors underlying the main economic developments. With its complex labour market structure, explicit incorporation of inflation expectations, distortionary fiscal policy and heterogeneity of the capital stock, NECMOD is able to describe propagation of a range of macroeconomic shocks. As a forecasting and simulation tool, the model is specifically designed to reflect the dynamic nature of a converging economy.

New Economics Papers: this item is included in nep-cba, nep-cmp, nep-mac, nep-mon and nep-tra
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpmis:62

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