NBP Working Papers

From Narodowy Bank Polski
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173: The propensity to exports and the membership in the Economic and Monetary Union of Central and Eastern European Countries: the micro-econometric firm level analysis

Andrzej Cieślik and Jan Michałek

172: International transmission of liquidity shocks between parent banks and their affiliates: the host country perspective

Małgorzata Pawłowska, Dobromił Serwa and Sławomir Zajączkowski

171: Heterogeneous monetary transmission process in the Eurozone: Does banking competition matter?

Aurélien Leroy and Yannick Lucotte

170: Global identification of linearized DSGE models

Andrzej Kocięcki and Marcin Kolasa

169: Dependence and contagion between asset prices in Poland and abroad. A copula approach

Michał Adam, Piotr Bańbuła and Michał Markun

168: Combining monetary and fiscal policy in an SVAR for a small open economy

Alfred Haug, Tomasz Jędrzejowicz and Anna Sznajderska

167: Foreign Direct Investment and Foreign Portfolio Investment in the contemporary globalized world: should they be still treated separately?

Marcin Humanicki, Robert Kelm and Krzysztof Olszewski

166: Consolidation of the banking sector in Poland in 1989-2013 in comparison with the structural changes of the banking sector in the USA and the EU

Sylwester Kozak

165: The analysis of the impact of regulatory environment on the pace of economic growth of the world countries according to the Bayesian Model Averaging

Mariusz Próchniak and Bartosz Witkowski

164: To rent or to buy – analysis of housing tenure choice determined by housing policy

Hanna Augustyniak, Joanna Waszczuk, Krzysztof Olszewski and Jacek Łaszek

163: The Balassa-Samuelson effect and the channels of its absorption in the Central and Eastern European Countries

Karolina Konopczak

162: A note on central bank transparency and credibility in Poland

Tomasz Łyziak

161: Panel data evidence on the effects of fiscal impulses in the EU New Member States

Paweł Borys, Piotr Ciżkowicz and Andrzej Rzońca

160: How to defi ne the Consumer Perceived Price Index? The case of Poland

Aleksandra Hałka and Tomasz Łyziak

159: A penalty function approach to occasionally binding credit constraints

Michal Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski

158: Links between the trust in the ECB and its interest rate policy

Maciej Albinowski, Piotr Ciżkowicz and Andrzej Rzońca

157: Inflation fan charts and different dimensions of uncertainty. What if macroeconomic uncertainty is high?

Halina Kowalczyk

156: Business cycles in EU new member states: How and why are they different?

Marcin Kolasa

155: Controlled dismantlement of the Eurozone: A proposal for a New European Monetary System and a new role for the European Central Bank

Stefan Kawalec and Ernest Pytlarczyk

154: On the performance of Monetary Policy Committees

Etienne Farvaque, Piotr Stanek and Stéphane Vigeant

153: The role of data revisions and disagreement in professional forecasts

Eva A. Arnold

152: Does domestic output gap matter for inflation in a small open economy?

Aleksandra Hałka and Jacek Kotłowski

151: Orthogonal Transformation of Coordinates in Copula M-GARCH Models – Bayesian analysis for WIG20 spot and futures returns

Mateusz Pipień

150: A model for dependent defaults and pricing contingent claims with counterparty risk

Dariusz Gatarek and Juliusz Jabłecki

149: The influence of regulatory and institutional framework and shareholder structure upon risk of financial institutions in Central Europe

Dorota Skała

148: A model for ordinal responses with an application to policy interest rate

Andrei Sirchenko

147: Income polarization and economic growth

Michał Brzeziński

146: Economic security of households and their savings and credits

Marek Kosny and Maria Piotrowska

145: 3 sides of 1 coin – Long-term Fiscal Stability, Adequacy and Intergenerational Redistribution of the reformed Old-age Pension System in Poland

Janusz Jablonowski and Christoph Müller

144: Unemployment in the Estimated New Keynesian SoePL-2012 DSGE Model

Grzegorz Grabek and Bohdan Kłos

143: Modelling of cycles in the residential real estate market – interactions between the primary and the secondary market and multiplier effects

Hanna Augustyniak, Jacek Łaszek, Krzysztof Olszewski and Joanna Waszczuk

142: A new approach to probabilistic surveys of professional forecasters and its application in the monetary policy context

Halina Kowalczyk, Tomasz Łyziak and Ewa Stanisławska

141: Uncertainty as commitment

Jaromir Nosal and Guillermo Ordonez

140: Are individual survey expectations internally consistent?

Maritta Paloviita and Matti Viren

139: Does it pay to invest in IPOs? Evidence from the Warsaw Stock Exchange

Rafał Sieradzki

138: Macroprudential policy and imbalances in the euro area

Michal Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski

137: Real economic convergence and the impact of monetary policy on economic growth of the EU countries: The analysis of time stability and the identification of major turning points based on the Bayesian methods

Mariusz Próchniak and Bartosz Witkowski

136: Monetary policy, banking and heterogeneous agents

Marcin Wolski

135: Money in monetary policy Information variable? Channel of monetary transmission? What is its role in Poland?

Tomasz Łyziak, Jan Przystupa, Anna Sznajderska and Ewa Wróbel

134: On aggregating human capital across heterogeneous cohorts

Jakub Growiec and Christian Groth

133: Life cycle income and consumption patterns in transition

Aleksandra Kolasa

132: The impact of commercial real estate on the financial sector, its tracking by central banks and some recommendations for the macro-financial stability policy of central banks

Krzysztof Olszewski

131: The consequences of post-crisis regulatory architecture for banks in Central Eastern Europe

Ewa Miklaszewska, Katarzyna Mikołajczyk and Małgorzata Pawłowska

130: Competition, concentration and foreign capital in the Polish banking sector (prior and during the financial crisis)

Małgorzata Pawłowska

129: Factor-augmenting technology choice and monopolistic competition

Jakub Growiec

128: Would it have paid to be in the eurozone?

Michal Brzoza-Brzezina, Krzysztof Makarski and Grzegorz Wesołowski

127: Can we beat the random walk in forecasting CEE exchange rates?

Jakub Mućk and Paweł Skrzypczyński

126: Econometric regime shifts and the US subprime bubble

Andre Anundsen

125: On asymmetric effects in a monetary policy rule. The case of Poland

Anna Sznajderska

124: On the empirical importance of periodicity in the volatility of financial time series

Błażej Mazur and Mateusz Pipień