This paper presents survey-based measures of the inflation expectations of consumers, companies, and financial sector analysts in Poland. It then goes on to provide the results of testing the features of inflation expectations that seem the most important from a macroeconomic perspective.

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 creation of the Economic and Monetary Union on the 1st January 1999 and the introduction of the common currency euro enlivened the discussion on the subject of the theory of optimum currency area and their practical applications. The opinions appeared that the countries of the euro zone do...

This paper presents survey-based direct measures of inflation expectations of consumers, enterprises and financial sector analysts in Poland. It then goes on to provide the results of testing those features of inflation expectations that seem the most important from the point of view of monetary...

In this paper we present the NBP Survey of Professional Forecasters introduced in 2011 by the National Bank of Poland. It is a new survey that allows analysis of macroeconomic forecasts of professional economists, including their probabilistic forecasts of CPI inflation, GDP growth and the NBP...

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...

Inflation perceived by consumers may differ from official statistics particularly due to different baskets of goods and services lay people and statisticians consider and by consumer loss aversion to price increases. Such effects, as suggested by the Prospect Theory, are confirmed in many...

This note extends the study by Lyziak et al. (2007), providing up-to-date assessment of central bank transparency in Poland. We highlight the role of inflation projections prepared by the staff of the National Bank of Poland in building transparency of monetary policy. The results suggest that...

The paper provides an overview of the literature on the role of monetary aggregates for conducting monetary policy and attempts to assess the role of these aggregates in the Polish monetary policy. We compare theoretical and empirical arguments which justify or undermine the need for usage of...