Anna Sznajderska's research while affiliated with Warsaw School of Economics and other places

Publications (6)

Article
In this paper we investigate whether the reaction function of the National Bank of Poland (NBP) is asymmetric according to the level of inflation gap and the level of output gap. Moreover, we test whether these asymmetries might possibly stem from nonlinearities in the Phillips curve. Threshold models are applied and two cases of unknown and known...
Article
Full-text available
Over the past 23 years the financial sectors in both Poland and the Czech Republic have changed beyond recognition. The process of transformation was a tough and challenging task in both countries. There were significant differences in the initial conditions, as well as approaches to the transformation process, in Poland and the Czech Republic. It...
Article
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 monetary aggregates by central banks, as well as argumen...
Article
Asymmetric effects in a monetary policy rule could appear due to asymmetric preferences of the central bank or/and due to nonlinearities in the economic system. It might be suspected that monetary authorities are more aggressive to the inflation rate when it is above its target level than when it is below. It also seems probable that monetary autho...
Article
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 of more developed European economies, e.g. the euro are...
Article
This paper empirically examines the potential asymmetries in the interest rate pass-through in Poland. We investigate the chosen retail interest rates in commercial banks on deposits and loans denominated in the Polish currency. It is considered whether their adjustment to changes in interbank rates is asymmetric in the long term as well as in the...

Citations

... At best, the existing frameworks can be classified into two groups. The first group includes the models that relate the responsiveness of the interest rate to backward-looking aspects of macroeconomic indicators (Ball, 1999;Leitemo et al., 2002;Dolado et al., 2004;Mohanty and Klau, 2005;Dolado et al., 2005;Sznajderska, 2014). The second category of studies including Bullard and Mitra (2002); Boeckx (2011);Neuenkirch (2014) and Caglayan et al. (2016) has presented an empirical framework for studying MPRs by considering only forward-looking aspects of the underlying variables. ...
... np. Łyziak et al., 2012). W przypadku Friedmana bycie monetarystą oznaczało nieustanną potrzebę dbania o stabilny pieniądz, wiarę we wpływ ilości pieniądza na realną gospodarkę w krótkim i ceny w długim okresie oraz w możliwość kształtowania dowolnego agregatu pieniądza w długim okresie. ...
... The chapter is also the first study that applies CWT to analyze the dynamic changes in house prices and credit in former post-socialist countries from Central and Eastern Europe. The case study of Poland is the more interesting as the National Bank of Poland is considered to be a strongly inflation-averse central bank (Ryczkowski, 2016;Sznajderska, 2014;Baranowski, 2011). The joint linkages between credit and house prices have important practical clues for the Polish monetary authorities especially under the new post-crisis circumstances that can be characterized by volatile changes in the expectation formation (Szyszko and Rutkowska, 2019). ...
... Again, as the controversy on the role of money supply in the control of inflation rages on between classical, Keynesian, monetary and neoclassical economists; managers and policy-makers of emerging economies are tilting towards a combination of the various postulations in managing inflation, with the main focus on inflation targeting as the guiding framework of monetary policy actions (Demchuk & Łyziak, 2012;Mukherjee & Bhatta, 2011). Inflation is an economic condition in which more money is demanded in periods of falling value of money as a result of consistent, persistent and sustained increases in the prices of goods and services. ...
... Other contributions related to non-linearities broad MTM context has been examined, albeit using different frameworks, can be found in (Łyziak, Demehuk, Przystupa, Sznajderska, & Wróbel, 2012;Chmielewski, 2016). Studies on asymmetries from some channels of the transmission mechanism of monetary policy include the following: (Chmielewski, 2018;Sznajderska, 2012). ...