The New Macroeconometric Model of the Polish Economy

National Bank of Poland Working Paper No. 62

83 Pages Posted: 31 Jan 2011

See all articles by Katarzyna Barbara Budnik

Katarzyna Barbara Budnik

European Central Bank (ECB)

Michal Greszta

National Bank of Poland

Michal Hulej

National Bank of Poland; University of Warsaw

Marcin Kolasa

Warsaw School of Economics (SGH)

Karol Murawski

National Bank of Poland

Michal Rot

National Bank of Poland

Bartosz Rybaczyk

National Bank of Poland

Magdalena Tarnicka

National Bank of Poland

Date Written: January 1, 2009

Abstract

This paper presents the structural macroeconometric model of the Polish economy, NECMOD, which was developed foremost to facilitate implementation of the monetary policy in Poland through a regular delivery of inflation and GDP projections. The model encompasses all major channels of the monetary policy transmission mechanism and is able to deliver a comprehensive account of factors underlying the main economic developments. With its complex labour market structure, explicit incorporation of inflation expectations, distortionary fiscal policy and heterogeneity of the capital stock, NECMOD is able to describe propagation of a range of macroeconomic shocks. As a forecasting and simulation tool, the model is specifically designed to reflect the dynamic nature of a converging economy.

Suggested Citation

Budnik, Katarzyna Barbara and Greszta, Michal and Hulej, Michal and Kolasa, Marcin and Murawski, Karol and Rot, Michal and Rybaczyk, Bartosz and Tarnicka, Magdalena, The New Macroeconometric Model of the Polish Economy (January 1, 2009). National Bank of Poland Working Paper No. 62, Available at SSRN: https://ssrn.com/abstract=1752088 or http://dx.doi.org/10.2139/ssrn.1752088

Katarzyna Barbara Budnik (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Michal Greszta

National Bank of Poland ( email )

00-919 Warsaw
Poland

Michal Hulej

National Bank of Poland

00-919 Warsaw
Poland

University of Warsaw ( email )

ul. Dluga 44/50
Warszawa, Pl-00681
Poland

Marcin Kolasa

Warsaw School of Economics (SGH) ( email )

Al. Niepodleglosci 162
Warsaw, 02-554
Poland

Karol Murawski

National Bank of Poland ( email )

00-919 Warsaw
Poland

Michal Rot

National Bank of Poland ( email )

00-919 Warsaw
Poland

Bartosz Rybaczyk

National Bank of Poland ( email )

00-919 Warsaw
Poland

Magdalena Tarnicka

National Bank of Poland ( email )

00-919 Warsaw
Poland

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