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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 ...
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 ...