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

• Autorzy: Ryszard Barczyk , Michał Kruszka
• 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)

Słowa kluczowe

EN

Stabilisation policy; Value of money; Economic development; Labour market; Phillips curve

PL

Polityka stabilizacyjna; Wartość pieniądza; Rozwój gospodarczy; Rynek pracy; Krzywa Phillipsa

• Czasopismo: Prace i Materiały Instytutu Rozwoju Gospodarczego / Szkoła Główna Handlowa
• Rocznik: 2008
• Numer: nr 79 Survey data in economic research : Polish contribution to the 28th CIRET Conference
• Strony: 23--43

Twórcy

autor

Ryszard Barczyk

autor

Michał Kruszka

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