ANALIZA WSPÓŁZALEŻNOŚCI POMIĘDZY POZIOMEM STÓP PROCENTOWYCH A POZIOMEM INFLACJI I KURSAMI WALUTOWYMI ZŁOTEGO
ANALYSIS OF THE RELATION BETWEEN THE CENTRAL BANK INTEREST RATE, INFLATION AND EXCHANGE RATE OF POLISH ZLOTY
Author(s): Stanisław GędekSubject(s): Economy, Economic policy, Methodology and research technology, Financial Markets
Published by: Szkoła Główna Gospodarstwa Wiejskiego w Warszawie
Keywords: inflation; interest rates; exchange rates; monetary transmission mechanism; VAR model;
Summary/Abstract: The aim of the study was the analysis of the interrelationships occurring within the framework of the monetary transmission mechanism in the Polish economy in the years 2003-2015. The tool of analysis was a VAR model. The results obtained indicate that the inflation level remained under the influence of the NBP interest rates. The CPI indicator was found to affect the EUR/USD exchange rate. The analysis of IRF function, obtained from VAR model, allowed to identify the presence of "price puzzle".
Journal: Metody Ilościowe w Badaniach Ekonomicznych
- Issue Year: XVI/2015
- Issue No: 3
- Page Range: 60-69
- Page Count: 10
- Language: Polish
