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The analysis is based on the direct relation of price level to money aggregates and to the index of economic activity (within the boundaries stipulated by model P*). The money market equilibrium is secured thanks to the standard demand for money function. Model specification was extended to include unemployment gap and oil prices. Despite this extension estimation results reveal the stationarity of...
The author critically analyzes monetary policy pursued during the recent years by the Central Bank of Poland and poses a question whether the parliamentary bill on the National Bank of Poland correctly indicates its objectives. In particular, the issue whether the single objective, viz. the currency stability, is not too narrowly formulated? The article indicates that the open market policy in actual...
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