Polish paper says monetary policy transmits mainly through real sector


Polish monetary policy "has been effective" in neutralising the effects of inflationary and deflationary shocks according to a working paper published last month by the National Bank of Poland.

In Combining monetary and fiscal policy in an SVAR for a small open economy, Alfred Haug, Tomasz Jędrzejowicz, and Anna Sznajderska seek to blend governmental and central bank policy into one structural vector-autoregression model.

The authors distinguish their model from others by accounting for "fiscal

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