Pokaż uproszczony rekord

dc.contributor.authorBrzoza-Brzezina, Michał
dc.contributor.authorKolasa, Marcin
dc.contributor.authorSzetela, Mateusz
dc.date.accessioned2023-07-21T09:05:05Z
dc.date.available2023-07-21T09:05:05Z
dc.date.issued2016-07
dc.identifier.citationBrzoza-Brzezina M., Kolasa M., Szetela M., Is Poland at risk of the zero lower bound?, SGH KAE Working Papers, 2016, nr 2016/013, s.1-39en
dc.identifier.urihttp://hdl.handle.net/20.500.12182/1097
dc.description.abstractIn 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 raised concerns that Poland might become the next country to hit the zero lower bound (ZLB) constraint on nominal interest rates. The purpose of this paper is to examine the scale of this risk and its possible consequences. According to our results, the odds of the Polish economy hitting the ZLB remain low, despite having risen considerably in 2014-15. At the same time, the consequences of such a scenario would be substantial as the ZLB would amplify the economy’s responses to adverse demand shocks and make their impact more persistent. The current level of the inflation target (2.5%) protects the Polish economy against the zero lower bound to a signifficant degree. However, its potential reduction would significantly increase the likelihood that this threat materializes.en
dc.language.isoen
dc.rightsDozwolony użytek*
dc.subjectzero lower bounden
dc.subjectPolish monetary policyen
dc.subjectsmall open economyen
dc.subject.classificationE43en
dc.subject.classificationE47en
dc.subject.classificationE52en
dc.titleIs Poland at risk of the zero lower bound?en
dc.typeworkingPaperen
dc.description.number2016/013en
dc.description.physical1-39en
dc.description.seriesSGH KAE Working Papers Seriesen
dc.identifier.urlpublisherhttp://wydawnictwo.sgh.waw.plen


Pliki tej pozycji

Thumbnail

Pozycja umieszczona jest w następujących kolekcjach

Pokaż uproszczony rekord

Dozwolony użytek
Korzystanie z tego materiału jest możliwe zgodnie z właściwymi przepisami o dozwolonym użytku lub o innych wyjątkach przewidzianych w przepisach prawa, a korzystanie w szerszym zakresie wymaga uzyskania zgody uprawnionego.