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Regular Articles

Heterogeneous Impact of Monetary Policy on Regional Economic Activity: Empirical Evidence for Poland

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Pages 1893-1906 | Published online: 15 Dec 2018
 

ABSTRACT

This article investigates the regional impact of monetary policy shocks in Poland. Regional responses to monetary policy shocks are estimated using Bayesian vector autoregressive approach, which allows us to model the entire panel of Polish regions through the imposition of a shrinkage prior. We then investigate factors underlying the asymmetric regional responses. We show that the regional differentiation in output response is stronger than those of unemployment or inflation. The asymmetry seems to be related to the regional industrial structure and demographic features.

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Supplementary Material

Supplemental data for this article can be accessed here.

Correction Statement

Color versions of one or more of the figures in the article can be found online at www.tandfonline.com/mree.This article has been republished with minor changes. These changes do not impact the academic content of the article.

Notes

1. See also Anagnostou and Papadamou (Citation2016), Ridhwan et al. (Citation2014) and Rodriguez-Fuentes and Padrón-Marrero (Citation2008).

2. Cointegration tests based on the Johansen procedure are not presented for economy of space. However, they are available upon request.

3. Diagnostic tests (F-statistic versions of the Breusch–Godfrey test for autocorrelation and the ARCH test) on residuals from estimation of EquationEq. (1) do not indicate any problem concerning autocorrelation and heteroscedasticity issues.

Additional information

Funding

This work was supported by the Polish National Science Centre under grant number 2015/19/B/HS4/00370.

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