<abstract xmlns="http://www.w3.org/1999/xhtml"><p>The economic authorities of each country seek to maintain the expansion phase through the implementation of various economic policy measures, namely, to prevent or mitigate the recessionary phase in economic development. In that context, it is of considerable importance to understand how monetary policy decisions affect the movement of macroeconomic variables. The paper aims to examine and evaluate the contribution of monetary policy to mitigating the effects of the global economic and financial crisis, using the Autoregressive Distributed Lag model, by analysing the impact of the real exchange rate, reference interest rate and money supply on the level of economic activity in Poland. Econometric analysis encompasses the period from 2006 to 2017. The research results suggest that there is a significant relationship between real economic activity and the real exchange rate both in the short and long term, but not between the reference interest rate and the money supply.</p></abstract>

The economic authorities of each country seek to maintain the expansion phase through the implementation of various economic policy measures, namely, to prevent or mitigate the recessionary phase in economic development. In that context, it is of considerable importance to understand how monetary policy decisions affect the movement of macroeconomic variables. The paper aims to examine and evaluate the contribution of monetary policy to mitigating the effects of the global economic and financial crisis, using the Autoregressive Distributed Lag model, by analysing the impact of the real exchange rate, reference interest rate and money supply on the level of economic activity in Poland. Econometric analysis encompasses the period from 2006 to 2017. The research results suggest that there is a significant relationship between real economic activity and the real exchange rate both in the short and long term, but not between the reference interest rate and the money supply.

The Contribution of Monetary Policy to Mitigating the Consequences of the World Economic Crisis in Poland

Economic Themes

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

The economic authorities of each country seek to maintain the expansion phase through the implementation of various economic policy measures, namely, to...

The Contribution of Monetary Policy to Mitigating the Consequences of the World Economic Crisis in Poland

Published Online: May 04, 2020

Page range: 329 - 350

Received: Jul 03, 2019

Accepted: Oct 24, 2019

DOI: https://doi.org/10.2478/ethemes-2019-0019

Keywords
Poland, monetary policy, economic crisis, exchange rate, interest rate, GDP

© 2019 Vlado Vujanić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

The Contribution of Monetary Policy to Mitigating the Consequences of the World Economic Crisis in Poland

Published Online: May 04, 2020

Page range: 329 - 350

Received: Jul 03, 2019

Accepted: Oct 24, 2019

DOI: https://doi.org/10.2478/ethemes-2019-0019

KeywordsPoland, monetary policy, economic crisis, exchange rate, interest rate, GDP

© 2019 Vlado Vujanić et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
Poland, monetary policy, economic crisis, exchange rate, interest rate, GDP