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Impact of globalisation? Changes in the MTM in Poland

By Tomasz Chmielewski and Adam Kot


The relationship between economic slack and inflation has been getting vague and blurred recently in the monetary transmission models supporting the MPC decision making process. This paper shows that the relationship holds robustly for inflation measures corrected for textile, footwear, audio appliances and telecom devices. The prices of those four consumption basket components have exhibited a downward trend irrespective of what is going on with the rest of consumption process for already five years. The results are supported by the evidence from VAR.

Topics: E31 - Price Level; Inflation; Deflation, E52 - Monetary Policy
Year: 2006
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