We propose a complex analysis of the exchange rate pass-through in an open economy. We assess the level, linearity, and symmetry of exchange rate pass-through to import and consumer prices in Poland and discuss their implications for monetary policy. We show that the pass-through is incomplete,...

The aim of this paper is to show the implications of the current financial crisis for the monetary transmission mechanism (MTM) and its effectiveness in Poland, which is an inflation-targeting emerging market economy. MTM depends on monetary policy, but also on structural features of the...