The Regional Asymmetry of Monetary Policy Effects in Poland
 
More details
Hide details
Publish date: 2015-08-31
 
Gospodarka Narodowa 2015;278(4):27–47
KEYWORDS
JEL CLASSIFICATION CODES
E52
R11
 
ABSTRACT
The article looks at the problem of regional differences in monetary policy in Poland. The author seeks to identify key differences in the effects of monetary policy between the country’s eastern and western macroregions. The empirical exercise uses the standard vector autoregressive model with exogenous variables (VARX), expanded to include variables describing economic activity in the two macroregions. The results point to varying responses to a monetary shock – chiefly diverse adjustments following the shock as well as different reactions to monetary policy impulses, the author argues. While in the western macroregion a tighter monetary policy triggers a strong reaction on the part of industrial production, Gajewski says, the eastern macroregion is mostly affected via the labor market.
eISSN:2300-5238
ISSN:0867-0005