PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2008 | nr 79 | 23--43
Tytuł artykułu

Empirical Analysis of A.W. Phillips Curve in Poland under Transition

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
One of the most frequently discussed important problems which arise in the process of stabilization policy implementation is a simultaneous achievement of a stable value of money and a low rate of unemployment. In the related literature this interdependence is known as A.W. Phillips curve and its interpretation is different in the Keynesian economics and in the monetarist approach. According to the Keynesian school of economic thought such relationship reveals negative correlation between rate of inflation and rate of unemployment. The acceptance of the idea of trade-off between inflation and unemployment is very important for stabilization policy, because it shows possible consequences of anti-inflationary policy of central banks. The A.W. Phillips curve idea was subject to criticism from the monetarist economic school (especially by M. Friedman). M. Friedman pointed out that in the long run, the A.W. Phillips curve is vertical, i.e., there is no trade-off between unemployment and inflation. The aim of this paper is an empirical analysis of the nature of dependencies which constitute A.W. Phillips curve in the Polish economy under transformation. Studies are conducted on the basis of quantitative and qualitative data in the years 1992 - 2006. In the Polish economy the analyzed period is a time of transition from the centralized system into the market economy with a simultaneous adjustment of Poland's economic conditions to the European Union standards. The results of the analysis made it possible to identify relationships between studied variables, and they assessed the probability of using monetary policy as a tool of determining situation on the Polish labour market. (original abstract)
Twórcy
Bibliografia
  • Ball L., Mankiw N.G., (2002), The NAIRU in Theory and Practice, Journal of Economic Perspectives, Vol.16, pp. 115-136.
  • Ball L., Moffit R., (2001), Productivity Growth and the Phillips Curve, NBER Working Paper No. 8421, NBER.
  • Begg D., Fischer S., Dornbusch R., (2003), Ekonomia, PWE, Warsaw.
  • Borowski J., Czogała A., Czyżewski A., (2005), Looking forward towards the ERM II central parity: the case of Poland, Economie Internationale, Vol.102, pp. 9-31.
  • BRE BANK, (2005), Fortnight Glimpse, May, BRE BANK, Warsaw.
  • Bukowski M., (Ed.), (2005), Zatrudnienie w Polsce, Economic Analyses and Forecasts Department, Ministry of Economy and Labour, Warsaw.
  • Friedman M., (1968), The Role of Monetary Policy, American Economic Review, Vol. 58, pp. 1-17.
  • Gordon R.J., (1998), Foundations of the Goldilocks Economy Supply Shocks and the Time-Varying NAIRU, Brookings Papers on Economic Activity , Vol. 2, pp. 297-333.
  • Hodrick R., Prescott E.C., (1997), Post-War US Business Cycles: An Empirical Investigation, Journal of Money, Credit and Banking, Vol. 29, pp. 1-16.
  • Hübner D., (1992), Makroekonomiczna polityka stabilizacyjna, IRiSS, SGH, Warsaw.
  • Kuczyński G., Strzała K., (2002), An Alternative Measure of Unemployment in Transition Economies - Idea of Free-Market Unemployment, Statistics in Transition, Vol. 5, pp. 687-700.
  • Łyziak Т., (2003), Consumer Inflation Expectations in Poland, ECB Working Paper, No. 287, ECB Frankfurt a Main.
  • Milewski R., (Ed.), (2004), Podstawy ekonomii, WN PWN, Warsaw.
  • Phelps E.S., (1968), Money-Wage Dynamics and Labour Market Equilibrium, Journal of Political Economy, Vol.76, pp. 678-711.
  • Phillips A.W., (1958), The Relationship between Unemployment and the Rate of Change of Money Wage Rates in the UK 1861-1957, Economica, Vol. XXV, pp. 283-299.
  • Pollok A., (2000), Inflacja w teorii ekonomii, Wydawnictwo Cracow University of Economics, Cracow.
  • Samuelson P.A., Sollow R.M., (1960), Analytical Aspects of Anti-Inflation Policy, American Economic Review, Vol. 50, pp. 177-194.
  • Socha J., (1987), Inflacja i bezrobocie w keynesowskiej i postkeynesowskiej myśli ekonomicznej, Przemiany we współczesnej ekonomii burżuazyjnej, (Ed.), J. Górski, PWE, Warsaw.
  • Staiger D., Stock J.H., Watson M.W., (1997), The NAIRU, Unemployment and Monetary Policy, Journal of Economic Perspectives, Vol. 11, pp. 33-49.
  • Welfe A., (1993), Inflacja i rynek, PWE, Warsaw.
  • Winiecki J., (1984), Źródła inflacji w gospodarce rynkowej i w gospodarce planowanej, PWN, Warsaw.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171243663

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.