In the light of the results of empirical studies presented in the Report and the literature available45 it may be concluded that the form of the monetary policy transmission mechanism in Poland is consistent with structural features of the Polish economy and coincides with those characteristic...

For a central bank knowledge of the monetary policy transmission mechanism is a prerequisite for achieving its final goal, i.e. price stability. Therefore, this area of analyses and research is of key importance for central banks, including Narodowy Bank Polski (NBP). Every two years since 2011,...

The paper presents the procedure and two structural macroeconometric models used at the National Bank of Poland for producing regular quarterly inflation projections. One of the models is a small macroeconomic model based on the New Keynesian Phillips curve, the IS curve and the exchange rate...