NBP Working Papers

From Narodowy Bank Polski
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327: Distributional consequences of conventional and unconventional monetary policy

Marcin Bielecki, Michal Brzoza-Brzezina and Marcin Kolasa

326: Words and deeds in managing expectations: empirical evidence on an inflation targeting economy

Pawel Baranowski, Wirginia Doryń, Tomasz Łyziak and Ewa Stanisławska

325: InSTA – integrated stress-testing approach at NBP. The past, present and future perspectives

Marcin Borsuk and Oskar Krzesicki

324: Global value chains and exchange rate pass-through: the role of non-linearities

Jan Hagemejer, Aleksandra Hałka and Jacek Kotłowski

323: Do ECB introductory statements help to predict monetary policy: evidence from tone analysis

Pawel Baranowski, Hamza Bennani and Wirginia Doryń

322: The contribution of immigration from Ukraine to economic growth in Poland

Paweł Strzelecki, Jakub Growiec and Robert Wyszynski

321: Household heterogeneity and the value of government spending multiplier

Paweł Kopiec

320: Structural current account benchmarks for the European Union countries: cross-section exploration

Kamila Kuziemska-Pawlak and Jakub Mućk

319: Are flexible working hours helpful in stabilizing unemployment?

Marcin Kolasa, Michał Rubaszek and Małgorzata Walerych

318: The productivity puzzle and the Kaldor-Verdoorn law: the case of Central and Eastern Europe

Hubert Gabrisch

317: How to measure lending policy stance of commercial banks?

Ewa Wróbel

316: A panel analysis of Polish regional cities: residential price convergence in the primary market

George Matysiak and Krzysztof Olszewski

315: The spillover effects of Chinese economy on Southeast Asia and Oceania

Anna Sznajderska and Mariusz Kapuściński

314: Three decades of inflation targeting

Magda Ciżkowicz-Pękała, Witold Grostal, Joanna Niedźwiedzińska, Elżbieta Skrzeszewska-Paczek, Ewa Stawasz-Grabowska, Grzegorz Wesołowski and Piotr Żuk

313: Assessing reliability of aggregated inflation views in the European Commission Consumer Survey

Ewa Stanisławska, Maritta Paloviita and Tomasz Łyziak

312: Optimal level of capital in the Polish banking sector

Piotr Bańbuła, Arkadiusz Kotuła, Agnieszka Paluch, Mateusz Pipień and Piotr Wdowiński

311: On the optimal labor income share

Jakub Growiec, Peter McAdam and Jakub Mućk

310: Newspaper-based economic uncertainty indices for Poland

Marcin Hołda

309: International spillovers of quantitative easing

Marcin Kolasa and Grzegorz Wesołowski

308: The natural rate of interest: estimates, drivers, and challenges to monetary policy

Claus Brand, Marcin Bielecki and Adrian Penalver

307: Multi-period loans, occasionally binding constraints and monetary policy: a quantitative evaluation

Kristina Bluwstein, Michal Brzoza-Brzezina, Paolo Gelain and Marcin Kolasa

306: Institutional determinants of export competitiveness among the EU countries: evidence from Bayesian model averaging

Beata Bierut and Piotr Dybka

305: Risk-taking channel – does it operate in the Polish banking sector?

Tomasz Chmielewski, Tomasz Łyziak and Ewa Stanisławska

304: Globalization and the fall of markups

Michał Gradzewicz and Jakub Mućk

303: Evolution of the impact of the interest rates changes announced by Narodowy Bank Polski (NBP) on the financial markets in the high, medium and low level of interest rates environments in Poland

Janusz Brzeszczynski, Jerzy Gajdka and Ali Kutan

302: Food inflation nowcasting with web scraped data

Paweł Macias and Damian Stelmasiak

301: Consumers’ perception of inflation in inflationary and deflationary environment

Ewa Stanisławska

300: The impact of the excess reserves of the banking sector on interest rates and money supply in Poland

Mariusz Kapuściński and Ilona Pietryka

299: Inflation Targeting. Institutional features of the strategy in practice

Joanna Niedźwiedzińska

298: Non-base wage components as a source of wage adaptability to shocks. Evidence from European firms, 2010–2013

Jan Babecký, Clémence Berson, Ludmila Fadejeva, Ana Lamo, Petra Marotzke, Fernando Martins and Paweł Strzelecki

297: Is lending by Polish cooperative banks procyclical? A multidimensional analysis of credit supply cyclicality in Polish cooperative banks – the country and regional perspective

Christophe Godlewski, Dorota Skała and Laurent Weill

296: Employment prospects and the propagation of fiscal stimulus

Paweł Kopiec

295: Kalecki’s critique of wicksellianism and the miss-specification of negative interest rates

Jan Toporowski

294: What core inflation indicators measure?

Aleksandra Hałka and Grzegorz Szafrański

293: Equilibrium foreign currency mortgages

Marcin Kolasa

292: How do firms adjust to rises in the minimum wage? Survey evidence from Central and Eastern Europe

Katalin Bodnár, Ludmila Fadejeva, Stefania Iordache, Liina Malk, Desislava Paskaleva, Jurga Pesliakaite, Nataša Todorović Jemec, Peter Tóth and Robert Wyszynski

291: What happens when firms invest? Investment events and firm performance

Michał Gradzewicz

290: International spillovers of monetary policy: lessons from Chile, Korea, and Poland

Krzysztof Gajewski, Alejandro Jara, Yujin Kang, Junghwan Mok, David Moreno and Dobromił Serwa

289: The effect of house prices on bank risk: empirical evidence from Hungary

Adam Banai and Nikolett Vágó

288: Population aging and housing prices: who are we calling old?

Ye Jin Heo

287: International confidence spillovers and business cycles in small open economies

Michal Brzoza-Brzezina and Jacek Kotłowski

286: 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

285: What drove the corporate bond markets in Asia after 1995?

Oskar Kowalewski and Paweł Pisany

284: Demographics, monetary policy, and the zero lower bound

Marcin Bielecki, Michal Brzoza-Brzezina and Marcin Kolasa

283: Unraveling the economic performance of the CEEC countries. The role of exports and global value chains

Jan Hagemejer and Jakub Mućk

282: Does the foreign sector help forecast domestic variables in DSGE models?

Marcin Kolasa and Michał Rubaszek

281: Macroeconomic consequences of the demographic and educational transition in Poland

Aleksandra Kolasa

280: Interbank market turmoils and the macroeconomy

Paweł Kopiec

279: Do Mincerian wage equations inform how schooling influences productivity?

Christian Groth and Jakub Growiec

278: Disagreement in consumer inflation expectations

Tomasz Łyziak and Xuguang Simon Sheng