Monetary transmission mechanism in Poland
Monetary transmission mechanism in Poland
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波兰的货币传导机制
DOI：
10.4324/9780203324134-8
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发表时间：
2004
期刊：
影响因子：
--
通讯作者：
Tomasz Lyziak
中科院分区：
文献类型：
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作者：
Tomasz Lyziak
转型经济体的货币传导机制随着深刻的体制和结构变化而动态演变。这给定量分析带来了实际困难，也给决策者的决策带来了不同经济变量的调整力度和速度方面的高度不确定性。本文介绍了波兰经济的小规模宏观经济模型。它的结构，旨在提供一个程式化的代表性的货币传导渠道在波兰符合经济理论，强调两个具体问题与货币传导在波兰。一是银行贷款渠道的运作。第二个是关注个人通胀预期的特征以及它们如何影响货币冲击的传递。* 此版本：2001年2月20日。本文的初稿是在中央银行研究中心（CCBS）关于传导机制和货币政策实施的学术项目期间撰写的。我要感谢CCBS主任Peter Sinclair教授以及CCBS团队的热情款待。我特别感谢Lavan Mahadeva和Gabriel Sterne，他们的建议、计量经济学合作和日常支持对本文做出了重要贡献。我非常感谢大卫·高兰德教授对早期版本的许多宝贵意见，以及与阿拉斯泰尔·坎宁安和安东尼·耶茨的有益对话。我还要感谢彼得·博古谢夫斯基、米夏埃尔·布佐扎-布热津纳、约瑟夫·萨伏尔、阿龙·格雷本、哈维尔·戈麦斯、格伦·霍格加斯、胡安·曼努埃尔·胡里奥、雷沙尔德·科科斯奇茨基、博扬·马尔科维奇、亚采克·奥西奇斯基、古尔宾·萨欣贝伊奥卢、马尔钦·斯塔米罗夫斯基和埃瓦·奥贝尔进行了富有成果的讨论并提出了建议。我想对理查德·哈默曼的出色研究援助表示感谢。特别感谢伊莎贝拉·绍布沃斯卡（Izabela Szabłowska），她的鼓励非常宝贵。任何错误都是我的。本文中表达的观点是我的观点，并不一定反映波兰国家银行的观点。欢迎提出意见。** 波兰国家银行，货币和信贷政策部，ulica Bagwikietokrzyska 11/21，00-919 Warszawa，波兰，电子邮件：tomasz. nbp.x400.net.pl
Monetary transmission mechanisms in transition economies evolve dynamically corresponding to profound institutional and structural changes. It creates practical difficulties for quantitative analysis as well as a high degree of uncertainty concerning the strength and the speed of adjustment of different economic variables to policy makers’ decisions. The paper presents a small-scale macroeconomic model of the Polish economy. Its structure, designed to provide a stylised representation of the monetary transmission channels in Poland consistent with economic theory, emphasises two specific issues connected with monetary transmission in Poland. The first one is the operation of the bank lending channel. The second one is a focus on the character of individuals’ inflationary expectations and how they affect the pass-through of monetary shocks. * This version: February 20, 2001. The preliminary version of this paper was written during the Centre for Central Banking Studies (CCBS) Academic Project on Transmission Mechanisms and Monetary Policy Implementation. I would like to thank Professor Peter Sinclair, Director of the CCBS, as well as all the CCBS team for their hospitality. I am particularly obliged to Lavan Mahadeva and Gabriel Sterne, whose suggestions, econometrics cooperation and day-to-day support essentially contributed to the paper. I highly appreciate many valuable comments on the earlier version received from Professor David Gowland as well as helpful conversations with Alastair Cunningham and Anthony Yates. I am also grateful to Piotr Boguszewski, Michał Brzoza-Brzezina, Joseph Djivre, Áron Gereben, Javier Gómez, Glenn Hoggarth, Juan Manuel Julio, Ryszard Kokoszczyński, Bojan Marković, Jacek Osiński, Gulbin Sahinbeyoglu, Marcin Stamirowski and Ewa Wróbel for fruitful discussions and suggestions. I would like to express my gratitude to Richard Hammerman for excellent research assistance. Particular thanks go to Izabela Szabłowska, whose encouragement was exceedingly valuable. Any remaining errors are of course mine. The views expressed in the paper are mine and do not necessarily reflect those of the National Bank of Poland. Comments are welcome. ** National Bank of Poland, Department of Monetary and Credit Policy, ulica Świętokrzyska 11/21, 00-919 Warszawa, Poland, e-Mail: tomasz.lyziak@nbp.x400.net.pl