Przeglądaj według autora "Kolasa, Marcin"
Wyświetlanie pozycji 1-12 z 12
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Crisis, contagion and international policy spillovers under foreign ownership of banks
(2016-03)This paper checks how international spillovers of shocks and policies are modified when banks are foreign owned. To this end we build a two-country macroeconomic model with banking sectors that are owned by residents of ... -
Is Poland at risk of the zero lower bound?
(2016-07)In early 2015, the policy (open market operations) rate of Narodowy Bank Polski was reduced to an all-time low of 1.5%. At the same time, prices of consumer goods and services dropped by 1.5% in year-on-year terms. This ... -
Equilibrium foreign currency mortgages
(2016-12)This paper proposes a novel explanation for why foreign currency denominated loans to households have become so popular in some emerging economies. Our argument is based on what we call the debt limit channel, which arises ... -
Does foreign sector help forecast domestic variables in DSGE models?
(2016-12)This paper evaluates the forecasting performance of several small open economy DSGE models relative to a closed economy benchmark using a long span of data for Australia, Canada and the United Kingdom. We find that opening ... -
Demographics and the natural interest rate in the euro area
(2020-07)We investigate the impact of demographics on the natural rate of interest (NRI) in the euro area, with a particular focus on the role played by economic openness, migrations and pension system design. To this end, we ... -
Central bank credibility, long-term yields and the effects of monetary integration
(2021-01)Forming a monetary union implies equalization of short-term interest rates across the member states as monetary policy is delegated to a common central bank, but also leads to integration of risk-free bond markets. In this ... -
Quantitative Easing in the US and Financial Cycles in Emerging Markets
(2021-03)Large international capital movements tend to be associated with strong fluctuations in asset prices and credit, contributing to domestic financial cycles and posing challenges for stabilization policies, especially in ... -
Intergenerational redistributive effects of monetary policy
(2021-03)This paper investigates the distributional consequences of monetary policy across generations. We use a life-cycle model with a rich asset structure as well as nominal and real rigidities calibrated to the euro area using ... -
Monetary policy and COVID-19
(2021-07)We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically ... -
A solution to the global identification problem in DSGE models
(2023-01)We develop an analytical framework to study global identification in structural models with forward-looking expectations. Our identification condition combines the similarity transformation linking the observationally ... -
Labor market institutions and the business cycle: The role of unemployment fears
(2023-12)We study the effects of labor market institutions (LMIs) in a general equilibrium model with search and matching frictions, endogenous separations, nominal rigidities, and uninsurable unemployment risk. By contrasting the ... -
For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus
(2024-02)During the COVID-19 pandemic, governments in the euro area sharply increased spending, while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus ...
