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Contents of issue 4/2017

Aleksander Welfe, Piotr Karp - The WM-1 Monthly Macroeconometric Model of the Polish Economy, summary, article

Piotr Krajewski - Should Macroeconomic Policy Makers Consider Household Planning Horizons?, summary, article

Magda Malec - Intragenerational Redistribution within the Pension System, summary, article

Marzanna K. Witek-Hajduk, Andrzej Sznajder - Marketing Alliances Between Retailers and Manufacturers of Consumer Durable Goods, summary, article

Joanna Wyszkowska-Kuna - Knowledge-Intensive Business Services and the Innovativeness of Manufacturing Companies in the European Union, summary, article





Aleksander Welfe, Piotr Karp - The WM-1 Monthly Macroeconometric Model of the Polish Economy

The WM-1 model is the first macromodel of the Polish economy based on monthly data. Most time series are generated by non-stationary processes. Therefore the estimation has been made in such a way that it allows for the cointegration of the variables (ECM, TECM and CVAR models were used). This prevented spurious regressions and ensured appropriate statistical inference. A specification of all the behavioral equations follows economic theory. The model also exploits data from Input-Output tables. In the case of many important equations, the asymmetry of the reactions has been taken into account.

Keywords: macromodels, econometric modeling
JEL classification codes: C30, C32, C51
Article: PDF



Piotr Krajewski - Should Macroeconomic Policy Makers Consider Household Planning Horizons?

The aim of the study is to compare the effects of monetary and fiscal policy in a model with all-Ricardian households and a model taking into account non-Ricardians. The analysis is based on a medium-scale neo-Keynesian model that considers households with different planning horizons. The simulations show that taking into account non-Ricardian households decreases the impact of economic policy on GDP, while significantly increasing the effects of fiscal policy. Moreover, the model with heterogeneous households better fits empirical data and correctly predicts the impact of government spending on consumption.

Keywords: macroeconomic policy, Ricardian equivalence, heterogeneity of households
JEL classification codes: E60
Article: PDF



Magda Malec - Intragenerational Redistribution within the Pension System

Calculating pension benefits using unisex life expectancy tables in a defined-contribution pension system results in a situation in which men, who live shorter lives on average, in a sense subsidize women, who live longer on average. The aim of this article is to estimate the scale of this redistribution. The analysis is based on an overlapping generations model with heterogeneity within the cohort and mandatory pay-as-you-go defined-contribution pension system. In line with demographic projections, increasing life expectancy has also been considered. Applying unisex life expectancy tables results in redistribution toward women at a level of 0.5%–0.7%, expressed by a consumption equivalent as a percentage of men’s consumption in the life cycle. However, this scale of redistribution within the pension system is not sufficient to compensate women for labor market discrimination.

Keywords: redistribution, pension system, OLG
JEL classification codes: C68, D58, J16, J26
Article: PDF



Marzanna K. Witek-Hajduk, Andrzej Sznajder - Marketing Alliances Between Retailers and Manufacturers of Consumer Durable Goods

The aim of this article is to analyze marketing alliances between producers and retailers.
In our view, there is a lack of research and publications on this increasingly important subject. This paper seeks to provide answers to the following research questions: (i) What is the scope of marketing alliances between producers and retailers on the market for consumer durable goods? (ii) What are the reasons for creating specific marketing alliances between production companies and retail firms trading in consumer durable goods? In order to answer these questions, qualitative research has been conducted. It took the form of interviews with managers of production and retail companies operating on the Polish market for consumer durable goods. The research led us to conclude that cooperation between production companies and retailers on the Polish market for consumer durable goods often extends beyond standard vertical relations within the distribution system. We have also concluded that such alliances include cooperation in various marketing activities. The most important reason for creating such marketing alliances is a desire to limit business risk. This is possible due to an exchange of information between both partners in marketing alliances. Another important reason for such alliances is cooperation in shaping the product range, which helps reduce business risk and increase revenue.

Keywords: retailer-manufacturer marketing alliances, retailer-manufacturer cooperation, marketing alliances, consumer durables
JEL classification codes: M310
Article: PDF



Joanna Wyszkowska-Kuna - Knowledge-Intensive Business Services and the Innovativeness of Manufacturing Companies in the European Union

The aim of this article is to examine the innovation performance of manufacturing companies across the European Union and their use of knowledge-intensive business services (KIBS) as measured by the number of patent applications. Methodology of this research concentrates on the use of comparative analysis and the rank correlation. The study is based on data from the World Input-Output Database (WIOD) and Eurostat. It covers EU countries in the 1995–2012 period. The study results show that manufacturing companies in EU15 countries were more intensive and more innovative in terms of KIBS in the study period than manufacturing companies in EU12 countries. There is a positive, statistically significant correlation between KIBS intensity in both the broad and narrow sense and the number of patent applications filed by manufacturing companies. A stronger correlation occurred with respect to KIBS in the narrow sense and in more technologically advanced sectors. The findings of the study have potential implications for innovation policy, which is currently focused on supporting R&D activities. The study shows that, in order to strengthen the innovativeness of manufacturing companies, it is necessary to support not only R&D activities but also the development of KIBS companies and the innovation systems they help create.

Keywords: knowledge-intensive business services (KIBS), innovativeness, manufacturing, EU
JEL classification codes: O3, O5
Article: PDF

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