The monetary transmission mechanism in Polish economy


  • Adam Waszkowski Warsaw University of Life Sciences



monetary transmission mechanism, vector autoregression, impulse response function


The aim of this article is to define the monetary transmission mechanism of the Polish economy and to identify the impact of shocks from the monetary policy on macroeconomic indicators such as price levels or GDP. In this regard there were used a theoretical vector autoregression model and conducted its recursive structure proposed by Sims (1980) using Cholesky decomposition. This allowed to isolate the impact of shocks: a supply, a demand, monetary and exchange rate on the value and output growth, inflation and exchange rate. Thanks to this it was visualized in the Polish economy a phenomenon of output and price puzzle.


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How to Cite

Waszkowski, A. (2012). The monetary transmission mechanism in Polish economy. Oeconomia Copernicana, 3(3), 21–35.




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