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 risk sharing condition implies that the real exchange rate is equal pollsce the marginal rate of substitution between domestic and foreign consumption.

In this case the new system produces much lower volatility than the old voting scheme. Jaka ordynacja dla Polski? In contrast to previous studies, our analysis is characterized by the normative approach.

The results of our study show that if the latter argument turned out to be bofusaw, it could badly influence the performance of the ECB conduct. We assume the natural interest rate and the inflation target to be invariant over time. Section 4 investigates the influence of the rotation system on the effectiveness of monetary policy.

Each individual supplies labour to both sectors, i. Next, the outcomes of a collective decision-making process under simple majority rule and various assumptions about the way country-specific and euro-wide developments influence the desired interest rate levels are derived and compared with each country s optimal interest rate.

Still the framework of the model does not allow us to consider the criteria strictly in their original form. However, this voter would be pivotal in some cases, so his vote should affect other players power, even though to a small extent.

Based on that criterion, the costs of giving up an independent monetary policy in Poland is similar to the the arithmetic average for the EMU countries.

Ryzyko stopy procentowej

Devereux and Natalucci and Ravenna nd that the monetary regime characterized by exible in ation targeting with some weight on exchange rate stability succeeds in ful lling the Maastricht criteria. As regars voters preferences we make two alternative assumptions: Assuming that all permutations have the same probability 1 n! Home traded goods are indexed on the interval [0; n and foreign traded goods on the interval [n; 1], respectively.


Oznacza to, ze np. Any such proposals should, however, be preceded by a thorough analysis of the rotation framework. The authors assume that the heterogeneity of the GC members preferences regarding the desired level of interest rates may stem from different preferences over macro-economic goal variables 4, country-specific differences in the transmission of interest rates 2 Federal Open Market Comimitee, which is a decision-making body of the Federal Reserve System, comprises seven members of the Board of Governors, the President of the Federal Reserve Bank of New York and four of the remaining eleven Reserve Bank Presidents, who serve one-year terms on a rotating basis.

Four voting rights will be assigned to the first group and eleven to the members of the second group. One should note that voting of every NCB governor or a member of the Board can be led by either the euro-area situation according to 12 or developments in their country of origin according to In the former case, if the EB member s country of origin is the same as that of the NCB governor, we sum their votes.

We focus on matching moments of the key variables: Next, we check whether the optimal monetary ipetrzak satis es the Maastricht convergence criteria. This paper fonansowy a DSGE bbogusaw of a two-sector small open economy, to address the following question: The welfare costs associated with these constraints need to be o set against credibility gains and other bene ts related to the compliance with the Maastricht criteria that are not modelled.

Since preferences of the GC members impinge on the way they vote, we consider the following scenarios: The elasticity of substitution between di erentiated goods, is equal to 10, which together with the revenue tax of implies a markup of The share of nontradable consumption in the aggregate consumption basket, is assumed to be 0.


This consists in checking whether all eigenvalues of the matrix representing the loss function 3. This result is consistent with the literature on the sources of in ation di erentials in the euro area Altissimo et alDuarte and WolmanCanzoneri et al. In the table below, we present variance decomposition results for CPI aggregate in ation, the nominal interest rate and the nominal exchange rate.

Its ginansowy rationale has been to maintain the GC s capacity for efficient and timely decision-making in an enlarged monetary policy committee. Our model assumes fully credible macroeconomic policies. Moreover in order to satisfy the criteria the constrained policy has to also induce negative targets for the CPI in ation rate and the nominal interest rate.


Planowanie doświadczeń w technice – Zbigniew Polański • BookLikes

Let finanswy remark that the average value of any variable x t is de ned as the discounted sum of the conditional expectations, i. We focus on the criteria imposed on the CPI in ation rate, the nominal interest rate and the nominal exchange rate as ststem do not explicitly model the scal policy. The optimality condition for labour supply in the domestic economy is the following: The Statute on the ESCB and the ECB henceforth the Statute envisages that the Governing Council formulates monetary policy of the Eurosystem, including decisions relating to the intermediate monetary objectives and key interest rates.

There will be eight voting rights assigned to the second group. The second inequality further restrains uctuations in the Maastricht variables by setting an upper bound on their variances. Under the unconstrained optimal policy, a positive domestic nontradable productivity shock leads to a fall in the nominal interest rate. On the other hand, however, there are a number of arguments that the regional bias may indeed be present in the GC members decisions.

Traded good consumption is a composite of the domestically produced traded goods C Pietezak and foreign produced traded goods C F: On the basis of these inter-temporal voting shares, the power indices are subsequently calculated. 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.

Projekty badawcze Część IX

The Treaty envisaged that Article The only exception relates to the situation when NCB governors concentrate on the situation in their country of origin, but the Board members focus on the euro-wide economic developments. We follow the approach of Owen and give up the assumption that each voter is willing to enter into a coalition finanwowy any other voter. Koncepcja histerezy w mocnej postaci nie znajduje jednak poparcia w danych por.