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

References

• Anagnostou, A., and S. Papadamou. 2014. The Impact of monetary shocks on regional output: Evidence from Four South Eurozone Countries. Région Et Développement, Special Issue: the Regional Dimension of Economic Crisis in Greece 39:105–130.
   Google Scholar
• Anagnostou, A., and S. Papadamou. 2016. Regional asymmetries in monetary policy transmission: The case of the Greek Regions. Journal of Environment & Planning C: Government & Policy Managing 34 (5):795–815. doi:10.1177/0263774X15614679.
   Google Scholar
• Andries, N., and S. Billon. 2016. Retail bank interest rate pass-through in the euro area: An empirical survey. Economic Systems 40 (1):170–94. doi:10.1016/j.ecosys.2015.06.001.
   Web of Science ®Google Scholar
• Arellano, M., and O. Bover. 1995. Another look at the instrumental-variable estimation of error components models. Journal of Econometrics 68:29–52.
   Web of Science ®Google Scholar
• Arnold, I. J., and E. B. Vrugt. 2002. Regional effects of monetary policy in the Netherlands. International Journal of Business and Economics 1 (2):123–34.
   Google Scholar
• Arnold, I. J., and E. B. Vrugt. 2004. Firm size, industry mix and the regional transmission of monetary policy in Germany. German Economic Review 5 (1):35–39. doi:10.1111/j.1465-6485.2004.00093.x.
   Google Scholar
• Bahmani-Oskooee, M., and A. Mohammadian. 2018. Asymmetry effects of exchange rate changes on domestic production in emerging countries. Emerging Markets Finance and Trade 54 (6):1442–59. doi:10.1080/1540496X.2017.1307730.
   Web of Science ®Google Scholar
• Ballabriga, F. C., M. Sebastian, and J. Valles. 1998. European asymmetries. Journal of International Economics 48:233–53. doi:10.1016/S0022-1996(98)00049-X.
   Web of Science ®Google Scholar
• Baranowski, P., and P. Gajewski. 2016. Credible enough? Forward guidance and perceived National Bank of Poland’s policy rule. Applied Economics Letters 23 (2):89–92. doi:10.1080/13504851.2015.1051651.
   Web of Science ®Google Scholar
• Barbone, L., K. Piętka – Kosińska, and I. Topińska. 2012. Wpływ przepływów pieniężnych na polską gospodarkę w latach 1992-2012. The Western Union report prepared for CASE” Center for Social and Economic Research, Warsaw, June. http://www.case-research.eu/pl/node/57729.
   Google Scholar
• Bassanini, A., S. Scarpetta, and P. Hemmings. 2001. Economic growth: The role of policies and institutions. Panel data evidence from OECD countries. OECD ‐Economics Department Working Paper No. 283. Paris: OECD.
   Google Scholar
• Ber, H., A. Blass, and O. Yosha. 2001. Monetary transmission in an open economy: The differential impact on exporting and non-exporting firms. Bank of Israel Discussion Paper.
   Google Scholar
• Bernanke, B. S., and M. Gertler. 1995. Inside the Black Box: The credit channel of monetary policy transmission. Journal of Economic Perspectives 9 (4):27–48. doi:10.1257/jep.9.4.27.
   Web of Science ®Google Scholar
• Bogumił, P. 2009. Regional disparities in Poland – European Commission – Europa EU. DG ECFIN Country Focus 6 (4):1–7.
   Google Scholar
• Canova, F., and A. Marcet. 1997. The poor stay poor: Non-convergence across countries and regions. UPF Working Paper No. 137.
   Google Scholar
• Canova, F., and M. Ciccarelli. 2013. Panel vector autoregressive models: A survey, European Central Bank. Working Paper Series, No. 1507
   Google Scholar
• Canova, F., and M. A. Ciccarelli. 2004. Forecasting and turning point predictions in a Bayesian panel VAR model. Journal of Econometrics 120:327–59. doi:10.1016/S0304-4076(03)00216-1.
   Web of Science ®Google Scholar
• Carlino, G. A., and R. DeFina. 1998. The differential regional effects of monetary policy. Review of Economics and Statistics 80:572–87. doi:10.1162/003465398557843.
   Web of Science ®Google Scholar
• Cecchetti, S. G. 1999. Legal structure, financial structure and the monetary policy transmission mechanism. Working Paper No. 7151, National Bureau of Economic Research.
   Google Scholar
• Chen, A., and N. Groenwold. 2018. The regional effects of macroeconomic shocks in China. China Economic Review 42:139–54. doi:10.1016/j.chieco.2015.12.003.
   Google Scholar
• Clarida, R., J. Galí, and M. Gertler. 1998. Monetary policy rules in practice: Some international evidence. European Economic Review 42:1033–67. doi:10.1016/S0014-2921(98)00016-6.
   Web of Science ®Google Scholar
• Coibion, O., and D. Goldstein. 2012. One for some or one for all? Taylor rules and interregional heterogeneity. Journal of Money, Credit and Banking 44:401–31. doi:10.1111/jmcb.2012.44.issue-2-3.
   Web of Science ®Google Scholar
• Demchuk, O., T. Łyziak, J. Przystupa, A. Sznajderska, and E. Wróbel. 2012. Monetary policy transmission mechanism in Poland. What do we know in 2011? (NBP Working Paper, 116). Narodowy Bank Polski.
   Google Scholar
• Doan, T., R. Litterman, and C. Sims. 1984. Forecasting and conditional projections using realist prior distributions. Econometric Review 3:1–100. doi:10.1080/07474938408800053.
   Google Scholar
• Dornbusch, R., C. Favero, and F. Giavazzi. 1998. A red letter day? Discussion Paper No. 1804, CEPR, London
   Google Scholar
• Dow, S. C., and A. Montagnoli. 2007. The regional transmission of UK monetary policy. Regional Studies 41:797–808. doi:10.1080/00343400601142779.
   Web of Science ®Google Scholar
• Drometer, M., T. Siemsen, and S. Watzka 2012. The Monetary Policy of the ECB: A Robin Hood Approach? CESIFO Working Paper, No. 4178.
   Google Scholar
• Égert, B., and R. MacDonald. 2009. Monetary transmission mechanism in Central and Eastern Europe: Surveying the surveyable. Journal of Economic Surveys 23:277–327. doi:10.1111/j.1467-6419.2008.00563.
   Web of Science ®Google Scholar
• Ehrmann, M. 2000. Comparing monetary policy transmission across European countries. Review of World Economics (Weltwirtschaftliches Archiv) 136 (1):58–83. doi:10.1007/BF02707396.
   Google Scholar
• Francis, N., M. T. Owyang, and T. Sekhposyan. 2009. The local effects of monetary policy, FRB of St. Louis Working Paper Series, 048D.
   Google Scholar
• Fraser, P., G. A. Macdonaldand, and A. W. Mullineux. 2014. Regional monetary policy: An Australian perspective. Regional Studies 48 (8):1419–33. doi:10.1080/00343404.2012.714897.
   Web of Science ®Google Scholar
• Freitas Val, F., M. Klotzle, A. C. F. Pinto, and C. H. Da Silveira Barbedo. 2018. Stock market reaction to monetary policy: An event study analysis of the Brazilian case. Emerging Markets Finance and Trade, 54(11):2577–2595.
   Web of Science ®Google Scholar
• Fujita, S., and I. Fujiwara 2016. Declining trends in the real interest rate and inflation: The role of aging. FRB of Philadelphia Working Paper No. 16–29
   Google Scholar
• Gajewski, P. 2015a. Regionalne zróżnicowanie efektów impulsu polityki pieniężnej w Polsce. Gospodarka Narodowa 4:27–47.
   Google Scholar
• Gajewski, P. 2015b. Is ageing deflationary? Some evidence from OECD countries. Applied Economics Letters 22 (11):916–19. doi:10.1080/13504851.2014.987911.
   Web of Science ®Google Scholar
• Gajewski, P. 2016. Monetary policy stress in EMU: What role for fundamentals and missed forecasts? Emerging Markets Finance and Trade 52 (5):1226–40. doi:10.1080/1540496X.2015.1037204.
   Web of Science ®Google Scholar
• Gajewski, P. 2017. Sources of regional inflation in Poland. Eastern European Economics 55 (3):261–76. doi:10.1080/00128775.2017.1284572.
   Web of Science ®Google Scholar
• Gajewski, P., and G. Tchorek. 2017. What drives export performance of firms in Eastern and Western Poland? European Planning Studies 25 (12):2250–71. doi:10.1080/09654313.2017.1355890.
   Web of Science ®Google Scholar
• Garcia Ferrer, A., F. Highceld, F. Palm, and A. Zellner. 1987. Macroeconomic forecasting using pooled international data. Journal of Business and Economic Statistics 5:53–67.
   Web of Science ®Google Scholar
• Gertler, M., and S. Gilchrist. 1993. The role of credit market imperfections in the monetary transmission mechanism: Arguments and evidence. Scandinavian Journal of Economics 95:43–64. doi:10.2307/3440134.
   Web of Science ®Google Scholar
• Hansen, N.-J. H. 2012. Does the common monetary policy contribute to asymmetric credit growth in the euro area?. Mimeo.
   Google Scholar
• Hayo, B., and B. Uhlenbrock. 1999. Industry effects of monetary policy in Germany, ZEI Working Papers B 14-1999.
   Google Scholar
• Huang, H. C., S. C. Lin, and C. C. Yeh. 2010. Inflation and the finance-growth nexus. Economic Modelling 27:229–36. doi:10.1016/j.econmod.2009.09.003.
   Web of Science ®Google Scholar
• Imam, P. 2013. Shock from graying: Is the demographic shift weakening monetary policy effectiveness, IMF Working Paper, WP/13/191. doi:10.5089/9781475598070.001
   Google Scholar
• Ingram, B., and C. Whiteman. 1994. Supplanting the Minnesota prior: Forecasting macroeconomics series using real business cycles model prior. Journal of Monetary Economics 34:497–510. doi:10.1016/0304-3932(94)90030-2.
   Web of Science ®Google Scholar
• Jarociński, M. 2010. Responses to monetary policy shocks in the east and the west of Europe: A comparison. Journal of Applied Econometrics John Wiley & Sons, Ltd. 25 (5):833–68. doi:10.1002/jae.v25:5.
   Web of Science ®Google Scholar
• Kapuściński, M., A. Kocięcki, H. Kowalczyk, T. Łyziak, J. Przystupa, E. Stanisławska, A. Sznajderska, and E. Wróbel. 2016. Monetary policy transmission mechanism in Poland: What do we know in 2015? NBP Working Papers No. 249, National Bank of Poland, Warsaw, Poland. https://www.nbp.pl/publikacje/materialy_i_studia/249_en.pdf
   Google Scholar
• Kapuściński, M., T. Lyziak, E. Stanislawska, J. Przystupa, E. Wrobel, and A. Sznajderska. 2014. Monetary policy transmission mechanism in Poland: What do we know in 2013? NBP Working Papers No. 180, National Bank of Poland, Warsaw, Poland. https://www.nbp.pl/publikacje/materialy_i_studia/180_en.pdf
   Google Scholar
• Kashyap, A. K., and J. C. Stein. 2000. What do a million observations on banks say about the transmission of monetary policy? American Economic Review 90 (3):407–28. doi:10.1257/aer.90.3.407.
   Web of Science ®Google Scholar
• Katagiri, M., H. Konishi, and K. Ueda 2014. Aging and deflation from a fiscal perspective. Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute, Working Paper No 218.
   Google Scholar
• Kim, J., and S. Kim. 2017. Effects of monetary policy shocks on farm prices and exchange rates in Korea. Emerging Markets Finance and Trade 53 (11):2450–62. doi:10.1080/1540496X.2017.1329143.
   Web of Science ®Google Scholar
• Klein, N. 2014. Small and medium size enterprises, credit supply shocks, and economic recovery in Europe, IMF Working Paper 14/98. doi:10.5089/9781498303590.001
   Google Scholar
• Krajewski, P. 2017. Regionalne zróżnicowanie oddziaływania wydatków rządowych na zatrudnienie—wnioski z analizy SVAR. Bank i Kredyt 1:73–96.
   Google Scholar
• Landesmann, M., and R. Römisch. 2007. Regional growth and labour market developments in the EU-27, DIME Working paper in the series on “Dynamics of Knowledge Accumulation, Competitiveness, Regional Cohesion and Economic Policies” available at: http://www.dimeeu.org/files/active/0/D312_2ndperiod.pdf.
   Google Scholar
• Li, Y., and T. Zhang. 2018. Incomplete exchange rate pass-through: Evidence from exchange rate reform in China. Emerging Markets Finance and Trade 54 (3):690–706. doi:10.1080/1540496X.2016.1243940.
   Web of Science ®Google Scholar
• Litterman, R. B. 1986. Forecasting with Bayesian Vector Autoregressions – years of experience. Journal of Business and Economic Statistics 4:25–38.
   Web of Science ®Google Scholar
• Marelli, E. 1985. Economic policies and their effects upon regional economies. Papers in Regional Science 58 (1):127–39. doi:10.1007/BF01935259.
   Google Scholar
• Mishkin, F. S. 1996. The channels of monetary transmission: Lessons for monetary policy, NBER Working Papers 5464.
   Google Scholar
• Oliner, S. D., and G. D. Rudebusch. 1996. Is there a broad credit channel for monetary policy?. Economic Review, Federal Reserve Bank of San Francisco 1:3–13.
   Google Scholar
• Ong, L. S., and K. Sato. 2018. Regional or global shocks? A global VAR analysis of Asian economic and financial integration. The North American Journal of Economics and Finance in press. doi: 10.1016/j.najef.2018.04.009.
   Web of Science ®Google Scholar
• Owyang, M., and H. J. Wal. 2005. Structural breaks and regional disparities in the transmission of monetary policy, FRB of St. Louis Working Paper No. 2003–008C.
   Google Scholar
• Pesaran, M. H., and R. Smith. 1996. Estimating long run relationships from dynamic heterogeneous panels. Journal of Econometrics 68:79–113. doi:10.1016/0304-4076(94)01644-F.
   Web of Science ®Google Scholar
• Quint, D. 2016. Is it really more dispersed? Measuring and comparing the stress from the common monetary policy in the euro area. International Economics and Economic Policy 13:593–621. doi:10.1007/s10368-015-0313-3.
   Google Scholar
• Ridhwan, M. M., H. L. F. Groot, P. Rietveld, and P. Nijkamp. 2014. The regional impact of monetary policy in Indonesia. Growth and Change 45 (2):240–62. doi:10.1111/grow.12045.
   Web of Science ®Google Scholar
• Rodriguez-Fuentes, C. J., and D. Padrón-Marrero. 2008. Industry effects of monetary policy in Spain. Regional Studies 42 (3):375–84. doi:10.1080/00343400701291583.
   Web of Science ®Google Scholar
• Rousseau, P. L., and P. Wachtel. 2002. Inflation thresholds and the finance–Growth Nexus. Journal of International Money and Finance 21:777–93. doi:10.1016/S0261-5606(02)00022-0.
   Web of Science ®Google Scholar
• Sims, C., and T. Zha. 1998. Bayesian methods for dynamic multivariate models. International Economic Review 39:949–79. doi:10.2307/2527347.
   Web of Science ®Google Scholar
• Sims, C. A., J. H. Stock, and M. W. Watson. 1990. Inference in linear time series models with some unit roots. Econometrica 58 (l):113–44. doi:10.2307/2938337.
   Google Scholar
• Sturm, J.-E., and T. Wollmershäuser. 2008. The stress of having a single monetary policy in Europe. Kof Working Paper No 190. Zurich: Swiss Economic Institute.
   Google Scholar
• Svensson, E. 2012. Regional effects of monetary policy in Sweden, Department of Economics, Lund University, Working Paper 2012:9, Lund, Sweden.
   Google Scholar
• Umiński, S. 2016. Regionalizacja polityki handlowej oraz analiz dotyczących eksportu. In Analiza handlu zagranicznego Polski w świetle najnowszych koncepcji teoretycznych, eds. K. Gawlikowska-Hueckel, and S. Umiński (pp. 230–250). Warsaw: Scholar.
   Google Scholar
• Yıldırım-Karaman, S. 2017. Uncertainty shocks, central bank characteristics and business cycles. Economic Systems 41 (3):379–88. doi:10.1016/j.ecosys.2016.09.004.
   Web of Science ®Google Scholar
• Yoon, J. W., J. Kim, and J. Lee 2014. Impact of demographic changes on inflation and the macroeconomy. IMF Working paper 14/2010, November. doi:10.5089/9781498396783.001
   Google Scholar
• Zellner, A., and C. Hong. 1989. Forecasting international growth rates using Bayesian shrinkage and procedures. Journal of Econometrics 40:183–202. doi:10.1016/0304-4076(89)90036-5.
   Web of Science ®Google Scholar
• Zellner, A., C. Hong, and C. Min. 1991. Forecasting turning point in international output growth rates using Bayesian exponentially weighted autoregression, time varying parameter. Journal of Econometrics 49:275–304. doi:10.1016/0304-4076(91)90016-7.
   Web of Science ®Google Scholar
• Zhang, H., and H. Huang. 2017. An empirical study of the asset price channel of monetary policy transmission in China. Emerging Markets Finance and Trade 53 (6):1278–88. doi:10.1080/1540496X.2016.1230493.
   Web of Science ®Google Scholar