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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The characteristic function of a simple voting game satisfies the following conditions: CPI aggregate in ation is a weighted sum of finajsowy sector in ation rates: Contrary to the previous research that has applied power indices to the assessment of the new voting system, in our study we account for the fact that under rotation only 21 GC members have the right to vote at a given time. Since euro area membership entails the common nominal interest rate for all countries, the real interest rate channel becomes procyclical.

The former calculate the desired time-invariant interest rate for each country with the use of the standard Taylor rule. Summing up, the optimal monetary policy constrained by additional criteria on the CPI in ation and the nominal interest rate is the policy satisfying all Maastricht convergence criteria.

On the basis of these inter-temporal voting shares, the power indices are subsequently calculated. Optimal interest rates for each country in the sample are derived on the basis of the estimated coefficients of the model equations and different assumptions as regards the GC members preferences over goal variables in the central bank loss function.

Finally, depending on the importance we assign to forward against backward looking mechanisms, we consider models based on either New Keynesian or Neo-Keynesian framework, respectively. Section 2 reviews the literature on the role of heterogenous preferences of decision-makers in the monetary policy conduct, as well as on the impact of the rotation system on the voting power distribution in the Governing Council. This approach thus disregards the fact that in reality coalitions are more likely between those GC members, whose countries of origin are in the similar economic situation.


They indicate that all GC members should be loosing power throughout the euro area enlargement process. In order to simplify the exposition ifnansowy the model, we explain in detail only the structure and dynamics of the domestic economy. Since the Maastricht convergence criteria are ppolsce easily implementable in our model, we reformulate them using the methodology developed by Rotemberg and Woodfordfor the analysis of the zero bound problem of the nominal interest rate.

Consequently, on the country-level, the real interest rate channel works procyclically even in the equilibrium.

In this framework we characterize the piietrzak monetary policy from a timeless perspective Woodford The new system should also increase the autoregressive model are derived. On the one hand, for five of the six countries, significantly underrepresented under the old voting scheme, the relative discrepancy between the economic and political meaning diminishes.

Giannoni and Woodford call these type of rules exible in ation targeting rules. Od lutego pracownik BISE. Theory and Evidence, Princeton University Press. Therefore, for brevity of the study, we do not present them here.

Ryzyko stopy procentowej – Wikipedia, wolna encyklopedia

We assume that parameters of the inflation and output gap equations are homogenous a the member states. The negative target value for the CPI in ation rate means that now, monetary policy targets the CPI in ation rate and the piwtrzak interest rate that in annual terms are 0.

In the general framework, the model represents two economies of unequal size: We nd that this case adequately represents the policy problem in the EMU accession countries as the majority of the shocks in these fnansowy has a domestic nature see Fidrmuc and Kirhonen It is followed by the section, where we analyze the consequences of the rotation system for the distribution of voting power among the ECB Governing Council members. The rest of the paper is organized as follows.


The scale of this increase is, however, much lower than in the scenario with no pre-coalitions between member states.

Ryzyko stopy procentowej

Koncepcja histerezy w mocnej postaci nie znajduje jednak poparcia w danych por. Monetary problems of the international economy, roz.

Moreover, the influence of the rotation system on the position of individual NCB governors and the Executive Board should be hogusaw particular interest to the member states, not least those that had no opportunity to shape the new framework.

In order to adjust the criteria to the structure pietrzao the model, we assume that the variables A; t and R L;A t, respectively, represent foreign aggregate in ation and the foreign nominal interest rate, i.

Both changes have a depreciation e ect on the real exchange rate.

The nominal exchange rate criterion is satis ed. Finally, the indices are calculated for games 29 with the use of the IOP 2. The parameters of the shocks are chosen to match the historical moments of the variables. For each decision-making body, which takes decisions by voting, there exist a set of rules determining which subsets of all voters can ensure the acceptance of a proposal.

This adjustment may be carried out either by an amendment to the nominal conversion rate of the domestic currency into the euro or by the change in the level of relative prices: