ECB paper tests resilience of Polish economy to interest rate shocks


Polish prices became less responsive to interest rate shocks when annual inflation fell below 10% at the turn of the millennium, according to a European Central Bank working paper, published today.

In The impact of monetary policy and exchange rate shocks in Poland: evidence from a time-varying VAR, Olga Arratibel and Henrike Michaelis analyse the reaction of output and prices to interest rate and exchange rate shocks between 1996 and 2012 in the Polish economy.

They find that both output and

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