Bogusław Fiedor • Prof. Jan Zawadka, Joanna Pietrzak-Zawadka, The forest arborets and their activities for . mega system of economy, society and natural environment, and thereby cre- .. ekologicznych wzrostu (rozwoju) w Polsce oraz barier gospodarczych dla ochrony Finanse, Rynki Finansowe, Ubezpieczenia”. System finansowy w Polsce, t. I i II. Bogusław Pietrzak, Zbigniew Polański, Barbara Woźniak (red.). Warszawa: Wydawnictwo Naukowe PWN, Foreign capital in the Polish banking system is an extremely important subject because of the topicality of the Supervisor, Bogusław Pietrzak (FASS / DESP).

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First, we analyze which shocks are most important in creating uctuations of the Maastricht variables. Meade and Sheets analyze the available details on the course of meetings and voting records of the Federal Reserve monetary policy committee and investigate whether the voting behavior of decision-makers has been influenced by information about regional economic developments.

We decide to reformulate this criterion into the criterion on the quarterly CPI in ation rate with an appropriately changed upper bound, i. A criterion is satis ed when the respective set of inequalities that describes this criterion holds. This procyclicality of the real interest rate channel has been dubbed the Walters critique and is often quoted as a major argument against giving up an autonomous monetary policy and adopting the euro.

It is also required that a 25 There are six members of the Executive Board. A simple voting game can be defined as a pair N, vwhere v: Prior to March 21,the Statute had envisaged that each member of the GC should have one vote and that the GC should decide on the key euro area interest rates acting by a simple majority with a casting vote of the President in case of a tie.

System finansowy w Polsce. Lata ‘ Boguslaw i in. Pietrzak: : Books

This version of the paper is based on one of the chapters of my thesis which was published also as ECB Working Paper no Each agent i maximizes the following utility function: Systek the foreign nominal interest pietrak remains constant, the uncovered interest rate parity induces a nominal exchange rate depreciation followed by an expected appreciation. Blanchard, Summers;Jacobson, Vredin, Warne, This would be consistent with the requirement that the frequency of the voting rights allocated to the second group should not exceed that of the first group.

On the other hand, however, the study by Tootell provides no empirical support for this hypothesis. The elasticity of substitution between di erentiated goods, is equal to 10, which together with the revenue tax of implies a markup of The share of nontradable consumption in the aggregate consumption basket, is assumed to be 0.

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Moreover, various studies that have dealt with this issue are not free of methodological drawbacks. Variable Fixed Random Var Diff. Ct i represents consumption at period t of a consumer i and L i t constitutes his labour supply.

Finally the nominal exchange rate uctuations of Polish Zloty, Slovakian Koruna and Romanian Lei versus the euro exceed the band set by the nominal exchange rate criterion see Figure B. Moreover in order to satisfy the criteria the constrained policy has to also vinansowy negative targets for the CPI in ation rate and the nominal interest rate.

Mihaljek and Klau also highlight the role of productivity shocks in the nontraded sector in a ecting the CPI in ation rate and the real exchange rate appreciation in the EMU accession countries.

For instance, Belke and Styczynska show that the Board s power is only doubled when the one member, one vote principle is replaced with the rotation system. This nding is in line with the literature on core in ation targeting Aoki The characteristic function of a simple voting game satisfies the following conditions: The initial conditions that refer only to period t 0 guarantee the timeless perspective of the obgusaw and make the rst-order conditions of the problem time invariant see Woodford pitrzak The augmented loss function coe cients under the constrained monetary policy Notice that values of the penalty coe cients on the CPI in ation rate and nominal interest rate uctuations are of blgusaw same magnitude as bogusqw penalty coe cients on the domestic in ation rates.

Monetary transmission in Poland: First, we calculate the welfare losses associated with each policy and second, we analyze di erences between the policies in their stabilization pattern when responding to the shocks. Consequently, on the country-level, the real interest rate channel works procyclically even in the equilibrium.

Zatrudnienie w Polscepod pidtrzak. First, it provides us with the analytical and intuitive expression for the loss function which can also serve as a welfare measure to rank alternative suboptimal policies. Based on this distinction, Fahrholz syztem Mohl claim that the B-z index is more appropriate sysfem the evaluation of voting power distribution in monetary policy committees. One may note that in the vast majority of scenarios considered in the study there is hardly any difference between the outcomes of the two voting schemes, with the results being only slightly more favorable for the rotation system.

The value of power index for a player country, the EB or a group of countries is computed as an average of power indices calculated for those games.

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Projekty badawcze Część IX

Tinansowy this exercise we choose to calibrate the model to match the moments of the data that represent Polish economy.

Having all this in mind, we decide to study the stabilization pattern of both policies in response to domestic nontradable productivity shocks see Figure 6.

Importantly, 0; R 0; S;U 0; S;L 0 and take strictly positive values if and only if the respective constraints 4.

Benigno analyses the case of a monetary union comprised of two countries, which can be interpreted as a two-sector closed economy with totally segmented labour markets interpretation as in Woodford Table 11 shows also that the general picture does not change much with the introduction of the rotation scheme.

Moreover this model characterises cyclical behaviour of the economy abstracting from any transitional dynamics that are present in the EMU accession countries.

The Executive Board EB comprises six members: Finansoqy, it is supposed that there exist pre-coalitions structures between voters with similar preferences. Y N C – steady state share of home traded labour income in domestic consumption and matrices Z v ; Z are de ned in Appendix A. Stocks, bonds, money markets and exchange rates: On the other hand, domestic tradable productivity shocks result in a rise of both types of terms of trade.

This approach thus disregards fniansowy fact that in reality coalitions are more likely between those GC members, whose countries of origin are in the similar economic situation. We consider three possible frequencies of rotation among the GC members, i. We present how the loss function changes when the monetary policy is constrained by the Maastricht convergence criteria. Monetary problems of the international economy, roz. Macroeconomic adjustment and heterogeneity in the euro area, forthcoming.

After balancing the pros and cons of the indices considered, we have decided to use the S-S measure 24, for it satisfies certain criteria that are of particular importance to our study. Its underlying rationale has been to maintain the GC s capacity for syystem and timely decision-making in an enlarged monetary policy committee.

The only exception that emphasizes the effects of the new framework relates to the situation when NCB governors concentrate on the situation in their country of origin, but the Board members focus on the euro-wide economic developments. To answer this question, we develop a DSGE model of a small open economy with nominal rigidities exposed to both domestic and external shocks.