23 research outputs found

    Kryzys na ameryka┼äskim rynku nieruchomo┼Ťci ÔÇô ocena zagro┼╝enia Polski

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    Celem artyku┼éu jest odpowied┼║ na pytanie, w jakim stopniu Polska jest nara┼╝ona na negatywne konsekwencje kryzysu na ameryka┼äskim rynku nieruchomo┼Ťci. Do wspomnianych konsekwencji zaliczy─ç mo┼╝na: spadek PKB, spadek popytu konsumpcyjnego, malej─ůce zainteresowanie udzielaniem kredyt├│w, spadek inwestycji, zmiany kurs├│w walutowych oraz migracje kapita┼é├│w. Przedstawione zostanie tak┼╝e por├│wnanie sposob├│w przeciwdzia┼éania skutkom kryzysu stosowanych przez Uni─Ö Europejsk─ů, Stany Zjednoczonei Polsk─Ö. Zr├│┼╝nicowane sposoby dzia┼éania dotycz─ů przede wszystkim r├│┼╝nych reakcji st├│p procentowych. Wielorakie reakcje poszczeg├│lnych kraj├│w na kryzys stanowi─ů jedn─ů ze zmiennych umo┼╝liwiaj─ůcych ocen─Ö sposobu post─Öpowania Polski w okresie kryzysu oraz jako┼Ťci polskiej polityki pieni─Ö┼╝nej w tym trudnym okresie

    Poland as an inflation nutter: The story of successful output stabilization

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    The goal of the paper is to verify whether the National Bank of Poland (NBP) follows pure inflation targeting. The contemporaneous and forward looking, numerous Taylor rules estimated with the OLS and GMM methods provided weak evidence of any significant importance attached by NBP to output stabilization in the reaction function. The strong focus of NBP on its primary target has led to a satisfactory performance of the central bank in stabilizing the real economy. This suggests the basic conclusion that pure inflation targeters may perform equally fine in stabilizing the real economy as countries which officially attach importance to output stabilization.The goal of the paper is to verify whether the National Bank of Poland (NBP) follows pure inflation targeting. The contemporaneous and forward looking, numerous Taylor rules estimated with the OLS and GMM methods provided weak evidence of any significant importance attached by NBP to output stabilization in the reaction function. The strong focus of NBP on its primary target has led to a satisfactory performance of the central bank in stabilizing the real economy. This suggests the basic conclusion that pure inflation targeters may perform equally fine in stabilizing the real economy as countries which officially attach importance to output stabilization

    IS DEFLATION TRAP A SERIOUS THREAT? CASE STUDY OF FED, ECB AND NBP

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    The goal of the paper is to compare nonstandard solutions implemented by Federal Reserve System, European Central Bank and National Bank of Poland in response to the outbreak of a subrime crisis in United States and to debt crisis in European Union. For that purpose there is carried out a comparative, descriptive analysis of institutional steps taken by the three central banks and the governments to preserve macroeconomic stability. The nonstandard measures allowed to avoid a comeback of the Great Depression and restored marketÔÇÖs confidence, unfortunately at the cost of decreased resilience for future possible crises along with many other medium and long run unintended consequences

    Effects of Being in an Occupation Is ISCO 1 Digit Classification Enough to Model Wages in Poland

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    Contrary to neoclassical assumptions of perfect competition, there is a consensus that factors affecting wages include sex, level of education, age, job experience, occupation, post, work-related responsibility and a whole set of personality traits. The paper presents an econometric model that allows to explain wage differences in Poland and extends analyses of wage determinants in Poland by taking into account occupations broken down in accordance with the 2-digit level of International Standard Classification of Occupations (ISCO). The analysis shows that ISCO 2 digit level is an important and statistically significant determinant of wages in Poland, while models of wages basing on ISCO 1 digit might be not enough to properly capture the role of occupations.W przeciwie┼ästwie do neoklasycznych za┼éo┼╝e┼ä doskona┼éej konkurencji istnieje konsensus, ┼╝e do czynnik├│w wp┼éywaj─ůcych na wysoko┼Ť─ç uzyskiwanego wynagrodzenia zaliczy─ç nale┼╝y p┼ée─ç, poziom wykszta┼écenia, wiek, do┼Ťwiadczenie zawodowe, wykonywany zaw├│d, posiadane stanowisko, stopie┼ä odpowiedzialno┼Ťci zwi─ůzanej z wykonywan─ů prac─ů oraz ca┼éy zestaw indywidualnych cech osobowo┼Ťciowych. W artykule pos┼éuguj─ůc si─Ö Mi─Ödzynarodow─ů Klasyfikacj─ů Zawod├│w i Specjalno┼Ťci (ISCO) na poziomie 2 cyfr uzyskano oceny parametr├│w strukturalnych modelu, kt├│re pozwalaj─ů wyja┼Ťni─ç r├│┼╝nice wynagrodze┼ä w Polsce. Na podstawie przeprowadzonej analizy stwierdzono, ┼╝e wykonywany zaw├│d, mierzony na poziomie ISCO 2 cyfry jest wa┼╝n─ů i statystycznie istotn─ů zmienn─ů oddzia┼éuj─ůc─ů na wysoko┼Ť─ç uzyskiwanego wynagrodzenia w Polsce. Modelowanie wynagrodze┼ä wykorzystuj─ůce klasyfikacj─Ö ISCO, ale ograniczon─ů tylko do poziomu 1 cyfry, mo┼╝e by─ç niewystarczaj─ůce, aby prawid┼éowo uchwyci─ç znaczenie wykonywanego zawodu dla uzyskiwanego wynagrodzenia

    Gender Pay Gap In The Micro Level ÔÇô Case Of Poland

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    The paper analyzes the size of the GPG in enterprises located in Poland and with at least 10 employees. For this purpose a linear model is constructed for individual data that allows to distinguish the influence of sex, occupation and education on the earnings. That allows to explain the size of income discrepancies caused by external, objective factors and assess the magnitude of sex discrimination

    ANALIZA POR├ôWNAWCZA POLITYKI PIENI─ś┼╗NEJ POLSKI I ZASADY MONETARY RULE W LATACH 1995-2007

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    Artyku┼é ten przedstawia por├│wnanie strategii bezpo┼Ťredniego celu inflacyjnego i Friedmanowskiej zasady monetary rule. Analizie poddana zostaje Polska w latach 1995-2007. Celem artyku┼éu jest odpowied┼║, kt├│ry spos├│b dzia┼éania jest skuteczniejszy i czy istniej─ů elementy wsp├│lne dla obu strategii prowadzenia polityki pieni─Ö┼╝nej

    The Polish Regional Labour Market Welfare Indicator And Its Links To Other Well-being Measures

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    W artykule zaproponowano i skonstruowano zagregowany miernik dobrobytu na rynku pracy w Polsce na przyk┼éadzie roku 2013. Miernik ten okaza┼é si─Ö pozytywnie skorelowany z poziomem cywilizacyjnym, dobrostanem spo┼éecznym, dobrobytem materialnym i dobrostanem psychicznym. Oznacza to, ┼╝e wraz z polepszeniem si─Ö sytuacji na rynku pracy poprawia si─Ö jako┼Ť─ç ┼╝ycia spo┼éecze┼ästwa w Polsce. Nie wykazano statystycznie istotnego zwi─ůzku mi─Ödzy dobrobytem na rynku pracy a wsp├│┼éczynnikiem dzietno┼Ťci.We propose and construct an indicator of labour market well-being in Poland for the year 2013. The indicator is positively related to the degree of civilizational welfare, social welfare, material welfare and psychological wellbeing in Poland. We conclude that ameliorating the labour market situation improves the quality of the publicÔÇÖs life. The link between our labour market indicator and the total fertility rate turned out to be statistically insignificant

    Money, credit, house prices and quantitative easing ÔÇô the wavelet perspective from 1970 to 2016

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    This paper investigates the relationship between money/credit growth and house price inflation for a sample of twelve developed countries. The novel application of the continuous wavelet transform showed significant but time-varying linkages between these two variables. During quantitative easing in the United States and the United Kingdom, growth of respectively broad money and bank credit was leading house price inflation for the 2-8 years cycle. In contrast to this, the Bank of Japan and the European Central Bank either did not assign a separate role to house prices in their reaction functions or the two central banks were not capable to significantly increase house prices by extending money/credit during the business cycle. The significant co-movements of financial variables and house prices around booming episodes warn us that a new asset price boom might appear within the length of a business cycle as a consequence of overly expansionary monetary policy. In the euro area, the significant, long run, and close to a one-for-one link between growth of M3 and house price inflation is an argument for the monetary pillar of the European Central Bank. The present study contributes significantly to the literature by introducing a novel application of a continuous wavelet transform to study the housing prices in relation to money, credit and quantitative easing. The article uses a long-term dataset covering a period of almost half a century to analyse their varying relationship in the short-run to the long-run and from the historical perspective

    Modern central banking from monetary perspective

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    Motivation: Cashless or DSGE models did not allow to predict the Great Recession┬áÔÇö which may suggest that they omit some important variables like money or credit, for instance.Aim: The paper summarizes changing views on moneyÔÇÖs importance in modern monetary policy and reviews pros and cons of assigning any special role to money by central banks.Results: On the basis of literature review and the 2007ÔÇô2009 crisis experiences, author apposes arguments for possible improvements in monetary policy frameworks. The paper is organized as follows: section 1 reviews some basic facts about monetary aggregates, section 2 presents the methodology of the research, section 3 discusses pros and cons of assigning special relevance to money in central banking, section 4 concludes.</p

    Gender Unemployment in the Czech and Polish Labour Market

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    Making use of EU-Labour Force Survey data, the authors estimated logistic regressions with a maximum likelihood method and found that gender unemployment risk was largely explained by human capital, marital status, receiving financial support, job experience and gender discrimination in both Poland and the Czech Republic. The gender unemployment risk gap amounted to 8% and 10% in Poland and the Czech Republic, respectively. Although the impact of marital status was significant and considerable, married wome in the Czech Republic benefited from their marital status on average three times less than men in the Czech Republic, and men and women in Poland. In both countries only women aged below 30 were ÔÇśrewardedÔÇÖ, while women beyond 50 years of age were penalized in terms of unemployment risk. As opposed to that, men up to 60 years old have their unemployment risk reduced all else equalled. The authors argue that this form of possible discrimination in some respects is a better measure of injustice than the commonly used pay gap and it constitutes an alternative dimension of ÔÇśgender inequalityÔÇÖ. The results can contribute to better targeted policies against discriminatory practices by enhancing the career paths demanded in the labour market and by breaking the stereotypes rooted in the cultures of Polish and Czech societies
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