This paper uses a restricted factor model to estimate the HICP index excluding relative prices changes. The index thus obtained, hereinafter referred to as pure inflation, demonstrates stronger relationship to the central ...

Paper presents the analysis of individual reactions functions of Polish Monetary Policy Council (MPC) members in the years 2004–2005. In the period under study the Polish central bank (National Bank of Poland) used the ...

Giving up an independent monetary policy and a exible exchange rate are the key sources of costs and bene ts entailed to joining a monetary union. In this paper we analyze their ex post impact on the stability of the ...

This research analyzes factors affecting scientific success of central bankers. We combine data from the RePEc and EDIRC databases, which contain information about economic publications of authors from 182 central banks. ...

We analyze the implications of adding boundedly rational agents a la Gabaix (2020) to the canonical New Keynesian open economy model. We show that accounting for myopia mitigates several ``puzzling" aspects of the relationship ...

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 ...

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 ...

The paper estimates macroeconomic effects and decomposes transmission channels of quantitative easing in the United States using 15-variable Bayesian vector autoregressive model with stochastic search variable selection ...

I study the dependence of the forward guidance effectiveness on the level of economic slack. I use the model with price rigidities and uninsured unemployment risk and apply both analytical and numerical methods to study ...

In the recent years, the great majority of central banks have globally failed to realize inflation targets. We attempt to answer a question of whether such failure resulted from insufficient organization of economic research ...