Publications of the NBP staff in the ISI Master Journal List


  • Bluwstein, K., Brzoza-Brzezina, M., Gelain, P., Kolasa, M. (2020): “Multiperiod Loans, Occasionally Binding Constraints, and Monetary Policy: A Quantitative Evaluation,” Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52, Issue 7, 1691-1718.
  • Chmielewski, T., Łyziak, T., Stanisławska, E. (2020): “Risk-Taking Channel and Its Non-Linearities: The Case of an Emerging Market Economy,” Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 70, Issue 1, 2-25.
  • Growiec, J., Mućk, J. (2020): “Isoelastic Elasticity of Substitution Production Functions,” Macroeconomic Dynamics, vol. 24, Issue 7, 1597-1634.
  • Iwanicz-Drozdowska, M., Bongini, P., Smaga, P., Witkowski, B. (2020): “Foreign-owned banks and foreign trade in CESEE countries – a growth-enhancing duo?,” Applied Economics Letters, vol. 27, Issue 4, 325-328.
  • Kolasa, M., Wesołowski, G. (2020): “International spillovers of quantitative easing,” Journal of International Economics, vol. 126(C).
  • Kopiec, P. (2020): “Employment prospects and the propagation of fiscal stimulus,” Journal of Economic Dynamics & Control, vol. 117.
  • Kuziemska-Pawlak, K., Mućk, J. (2020): “Structural current accounts in the European Union countries: cross-sectional exploration,” Economic Modelling, vol. 93, 445-464.
  • Mathä, T. Y., Millard, S., Rõõm, T., Wintr, L., Wyszyński, R. (2020): “Shocks and labour cost adjustment: evidence from a survey of European firms,” Oxford Economic Papers, 1–26.


  • Brzezicka, J., Łaszek, J., Olszewski, K., Waszczuk, J. (2019): “Analysis of the filtering process and the ripple effect on the primary and secondary housing market in Warsaw, Poland,” Land Use Policy, vol. 88, 104098.
  • Bielecki, M., Brzoza-Brzezina, M., Kolasa, M. (2019): Comment on “The limits of forward guidance” by Jeffrey R.Campbell, Filippo Ferroni, Jonas D. M. Fisher and Leonardo Melosi, Journal of Monetary Economics, vol. 108, Issue C, 135–139.
  • Bielecki, M., Brzoza-Brzezina, M., Kolasa, M., Makarski, K. (2019): “Could the boom-bust in the eurozone periphery have been prevented?”, Journal of Common Market Studies, vol. 57, Issue 2, 336-352.
  • Gajewski, K., Jara, A., Kang, Y., Mok, J., Moreno, D., Serwa, D. (0219): ”International spillovers of monetary policy: Lessons from Chile, Korea, and Poland,” Journal of International Money and Finance, vol. 90, Issue C, 175-186.
  • Hałka, A., Leszczyńska-Paczesna, A. (2019): “Price convergence in the European Union – What has changed?,” Economic Modelling, vol. 79 , Issue C, 226–241.
  • Hałka, A., Szafranek, K. (2019): “Determinants of Low Inflation in an Emerging, Small Open Economy through the Lens of Aggregated and Disaggregated Approach,” Emerging Markets Finance & Trade, vol. 55, Issue 13, 3094-3111.
  • Haug, A. A., Jędrzejowicz, T., Sznajderska, A. (2019): “Monetary and Fiscal Transmission in Poland,” Economic Modelling, vol. 79, Issue C, 15-27.
  • Łyziak, T. (2019): “Do global output gaps help forecast domestic inflation? Evidence from Philips curves for Poland,” International Journal of Forecasting, vol. 35, Issue 3, 1032–1041.
  • Hagemejer, J., Mućk, J. (2019): “Export-led growth and its determinants Evidence from CEEC countries,” The World Economy, Wiley Blackwell, vol. 42, Issue 7, 1994-2025.
  • Nehrebecka, N. (2019): “Bank loans recovery rate in commercial banks: A case study of non-financial corporations,” Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business, vol. 37, Issue 1, 139-172.
  • Iwanicz-Drozdowska, M., Bongini, P., Smaga, P., Witkowski, B. (2019): “The role of banks in CESEE countries: exploring non-standard determinants of economic growth,” Post-Communist Economies; vol. 31, Issue 3, 349-382.
  • Szafranek, K. (2019): “Bagged neural networks for forecasting Polish (low) inflation,” International Journal of Forecasting, vol. 35, Issue 3, 1042-1059.


  • Arendarski, P., Gubiec, T., Ochnicki, P., Smaga, P., Wiliński, M. (2018): “Can banks default overnight? Modelling endogenous contagion on the O/N interbank market,” Quantitative Finance, vol. 18, Issue 11, 1815-1829.
  • Bongini, P., Iwanicz-Drozdowska, M., Smaga, P., Witkowski, B. (2018): “In search of a measure of banking sector distress: empirical study of CESEE banking sectors,“ Risk Management, vol. 20, Issue 3, 242-257.
  • Brzoza-Brzezina, M., Kolasa, M., Makarski, K. (2018): “Crisis, contagion and international policy spillovers under foreign ownership of banks,” Journal of Financial Stability, vol. 36, Issue C, 293-304.
  • Dzik-Walczak, A., Nehrebecka, N. (2018): “The dynamic model of partial adjustment of the capital structure. Meta-analysis and a case of Polish enterprises,“ Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, vol. 36, No. 1, 55-81.
  • Gradzewicz, M., Growiec, J., Kolasa, M., Postek, Ł., Strzelecki, P. (2018): “Poland’s uninterrupted growth performance: new growth accounting evidence,“ Post-Communist Economies, vol. 30, Issue 2, 238-272.
  • Growiec, K., Growiec, J., Kamiński, B. (2018): “Social network structure and the trade-off between social utility and economic performance,“ Social Networks, vol. 55, 31-46.
  • Growiec, J. (2018): “Factor-specific technology choice,” Journal of Mathematical Economics, vol. 77, Issue C, 1-14.
  • Growiec, J., McAdam, P., Mućk, J. (2018): “Will the “True” Labor Share Stand Up? An Applied Survey on Labor Share Measures,” Journal of Economic Surveys, vol. 32, Issue 4, 961-984.
  • Growiec, J., McAdam, P., Mućk, J. (2018): “Endogenous labor share cycles: Theory and evidence,” Journal of Economic Dynamics & Control, vol. 87, 74-93.
  • Hałka, A., Szafrański, G. (2018): “What Common Factors are Driving Inflation in CEE Countries?,” Prague Economic Papers, vol. 27 No. 2, 131-148.
  • Kapuściński, M., Stanisławska, E. (2018): “Measuring bank funding costs in the analysis of interest rate pass-through: Evidence from Poland,” Economic Modelling, vol. 70, 288-300.
  • Kocięcki, A., Kolasa, M. (2018): “Global identification of linearized DSGE models,” Quantitative Economics, vol. 9, Issue 3, 1243-1263.
  • Kolasa, M., Rubaszek, M. (2018): “Does the foreign sector help forecast domestic variables in DSGE models?,” International Journal of Forecasting, vol. 34, Issue 4, 809-821.
  • Kurowski, Ł., Rogowicz, K. (2018): “Are business and credit cycles synchronised internally or externally?,” Economic Modelling, vol. 74, 124-141.
  • Kurowski, Ł., Smaga, P. (2018): “Monetary Policy and Cyclical Systemic Risk - Friends or Foes?,” Prague Economic Papers, vol. 27 No. 5, 522-540.
  • Łyziak, T., Paloviita, M. (2018): “On the formation of inflation expectations in turbulent times: The case of the euro area,” Economic Modelling, vol. 72, 132-139.
  • Nehrebecka, N. (2018): “Sectoral risk assessment with particular emphasis on export enterprises in Poland,” Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, vol. 36 No. 2, 677-700.
  • Suda, J., Zervou, A.,S. (2018): “International Great Inflation and Common Monetary Policy,” Macroeconomic Dynamics, vol. 22, Issue 6, 1428-1461.
  • Suda, J. (2018): “Belief-Twisting Shocks and the Macroeconomy,” Macroeconomic Dynamics, vol. 22, Special Issue 7, 1844-1858.
  • Tyrowicz, J., Makarski, K., Bielecki, M. (2018): “Inequality in an OLG economy with heterogeneous cohorts and pension systems,“ The Journal of Economic Inequality, vol. 16, Issue 4, 583-606.
  • Wesołowski, G. (2018): “Do long-term interest rates drive GDP and inflation in small open economies? Evidence from Poland,” Applied Economics, vol. 50, Issue 57, 6174-6192.


  • Bierut, B., Kuziemska-Pawlak, K. (2017): “Competitiveness and Export Performance of CEE Countries,” Eastern European Economics, vol. 55, Issue 6, 522-542.
  • Bongini, P., Iwanicz-Drozdowska, M., Smaga, P., Witkowski, B. (2017): “Financial Development and Economic Growth: The Role of Foreign-Owned Banks in CESEE Countries,” Sustainability, 9(3), 335.
  • Brzoza-Brzezina, M., Kolasa, M., Makarski, K. (2017): “Monetary and macroprudential policy with foreign currency loans,” Journal of Macroeconomics, vol. 54, Part B, 352-372.
  • Ca'Zorzi, M., Kolasa, M., Rubaszek, M. (2017): “Exchange rate forecasting with DSGE models,” Journal of International Economics, vol. 107, 127-146.
  • Iwanicz-Drozdowska, M., Smaga, P., Witkowski, B. (2017): “Role of Foreign Capital in Stability of Banking Sectors in CESEE Countries,” Finance a úvěr-Czech Journal of Economics and Finance, vol.67, Issue 6, 492-511.
  • Gajewski, K., Krzesicki, O. (2017): “International Banking and Cross-Border Effects of Regulation: Lessons from Poland,” International Journal of Central Banking, vol. 13, Issue 2, 315-340.
  • Goraus, K., Tyrowicz, J., Van der Velde, L. (2017): “Which Gender Wage Gap Estimates to Trust? A Comparative Analysis,” Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 63(1), 118-146.
  • Hagemejer, J., Makarski, K., Tyrowicz, J. (2017): “Analyzing The Efficiency Of Pension Reform: The Role Of The Welfare Effects Of Fiscal Closures,” Macroeconomic Dynamics, vol. 21, Issue 05, 1205-1234.
  • Hałka, A., Kotłowski, J. (2017): “Global or Domestic? Which Shocks Drive Inflation in European Small Open Economies?,” Emerging Market Finance and Trade, vol. 53, Issue 8, 1812-1835.
  • Kapuściński, M. (2017): “The Role of Bank Balance Sheets in Monetary Policy Transmission: Evidence from Poland,” Eastern European Economics, vol. 55, Issue 1, 50-69.
  • Kurowski, Ł. K., Rogowicz, K. (2017): “Negative interest rates as systemic risk event,” Finance Research Letters, vol. 22, 153-157.
  • Kosior, A., Rubaszek, M., Wierus, K. (2017): “The potential effects of labour market duality for countries in a monetary union,” International Labour Review, vol. 155, No. 4, 509-534.
  • Leszczyński, R., Olszewski, k. (2017): “An analysis of the primary and secondary housing market in Poland: evidence from the 17 largest cities,” Baltic Journal of Economics, vol. 17, Issue 2, 136-151.
  • Łyziak, T., Paloviita, M. (2017): “Anchoring of inflation expectations in the euro area: Recent evidence based on survey data,” European Journal of Political Economy, vol. 46, Issue C, 52–73.
  • Olszewski, K., Waszczuk, J., Widłak, M. (2017): “Spatial and Hedonic Analysis of House Price Dynamics in Warsaw, Poland,” Journal of Urban Planning and Development, vol. 143, Issue 3.
  • Premik, F., Stanisławska, E. (2017): “The Impact of Inflation Expectations on Polish Consumers’ Spending and Saving,” Eastern European Economics, vol. 55, Issue 1, 3–28.
  • Szafranek, K. (2017): “Flattening of the New Keynesian Phillips curve: Evidence for an emerging, small open economy,” Economic Modelling vol. 63, 334-348.
  • Tyrowicz, J., Van der Velde, L., Svejnar, J. (2017): “Effects of Labor Reallocation on Productivity and Inequality—Insights from Studies on Transition,” Journal of Economic Surveys, vol. 31, Issue 3, 712-732.


  • Bańbuła, P., Iwanicz-Drozdowska, M. (2016): “The systemic importance of banks – name and shame seems to work,” Finance Research Letters, vol. 18, 297-301.
  • Baranowski, P., Gajewski, P. (2016): “Credible enough? Forward guidance and perceived National Bank of Poland’s policy rule,” Applied Economics Letters, vol. 23, Issue 2, 89-92.
  • Baranowski, P., Górajski, M., Malaszewski, M., Szafrański, G. (2016): “Inflation in Poland under State-Dependent Pricing, “ Ekonomický Časopis, no. 64 (10), 937-957.
  • Białek-Jaworska, A., Nehrebecka, N. (2016): “The role of trade credit in business operations,” Argumenta Oeconomica, tom 2 (37), 189-231.
  • Bielecki, M., Goraus, K., Hagemejer, J., Tyrowicz, J. (2016): “Decreasing fertility vs increasing longevity: Raising the retirement age in the context of ageing processes,“ Economic Modelling, vol. 52, Part A, 125-143.
  • Brzoza-Brzezina, M. (2016): “Amplification of shocks at the zero lower bound in a small open and large closed economy,” Applied Economics Letters, vol. 23, Issue 14, 1029-1033.
  • Bullard, J., Suda, J. (2016): “The stability of macroeconomic systems with Bayesian learners,” Journal of Economic Dynamics and Control, vol. 62, 1-16.
  • Camba-Méndez, G., Serwa, D. (2016): “Market perception of sovereign credit risk in the euro area during the financial crisis,” The North American Journal of Economics and Finance, vol. 37, 168-189.
  • Camba-Méndez, G., Kostrzewa, K., Marszal, A., Serwa, D. (2016): “Pricing Sovereign Credit Risk of Poland: Evidence from the CDS Market,” Emerging Markets Finance and Trade, vol. 52, Issue 12, 2687-2705.
  • Ca’ Zorzi, M., Mućk, J., Rubaszek, M. (2016): “Real Exchange Rate Forecasting and PPP: This Time the Random Walk Loses,” Open Economies Review, vol. 27, Issue 3, 585-609.
  • Hałka, A., Szafranek, K. (2016): “Whose Inflation Is It Anyway? Inflation Spillovers Between the Euro Area and Small Open Economies,” Eastern European Economics, vol. 54, Issue 2, 109-132.
  • Iwanicz-Drozdowska, M., Smaga, P., Witkowski, B. (2016): “Bank restructuring in the EU: Which way to go?, “ Journal of Policy Modeling, vol. 38, Issue 3, 572-586.
  • Iwanicz-Drozdowska, M., Smaga, P., Witkowski, B. (2016): “Financial Development. Have Post-Communist Countries Converged?,” Transformations in Business and Economics, vol. 15, no. 2A (38A), 389-414.
  • Jabłecki, J. (2016): “The Financial Crisis in Retrospect: A Case of Misunderstood Interdependence,” Critical Review, vol. 28, Issue 3-4, 287-334.
  • Jabłecki, J., Gątarek, D. (2016): “Modeling joint defaults in correlation-sensitive instruments,” Journal of Credit Risk, vol. 12, no. 3, 15-42.
  • Kolasa, A., Rubaszek, M. (2016): “The effect of ageing on the European economies in a life-cycle model,” Economic Modelling, vol. 52, Part A, 50-57.
  • Łyziak, T. (2016): “Survey measures of inflation expectations in Poland: are they relevant from the macroeconomic perspective?,” Baltic Journal of Economics, vol. 16, Issue 1, 33-52.


  • Adam, M., Bańbuła, P., Markun, M. (2015): “International Dependence and Contagion across Asset Classes: The Case of Poland,” Czech Journal of Economics and Finance (Finance a uver), vol. 65, no. 3, 254-270.
  • Bielecki, M., Goraus, K., Hagemejer, J., Makarski, K., Tyrowicz, J. (2015): “Small assumptions (can) have a large bearing: evaluating pension system reforms with OLG models,” Economic Modelling, vol. 48(C), 210-221.
  • Brzoza-Brzezina, M., Kotłowski, J., Wierus, K. (2015): ”Can interest rate spreads stabilize the euro area?,” Applied Economics, vol. 47, Issue 34-35, 3696-3709.
  • Brzoza-Brzezina, M., Kolasa, M., Makarski, K. (2015): “Macroprudential policy and imbalances in the euro area,” Journal of International Money and Finance, vol. 51, 137-154.
  • Brzoza-Brzezina, M., Kolasa, M., Makarski, K. (2015): “A penalty function approach to occasionally binding credit constraints,” Economic Modelling, vol. 51(C), 315-327.
  • Gębka, B., Serwa, D. (2015): “The elusive nature of motives to trade: Evidence from international stock markets,” International Review of Financial Analysis, vol. 39, 147–157.
  • Growiec, J. (2015): “On the modeling of size distributions when technologies are complex,” Journal of Mathematical Economics, vol. 60, 1-8.
  • Growiec, J., Growiec, K. (2015): “Bridging Social Capital and Individual Earnings: Evidence for an Inverted U,” Social Indicators Research, vol. 122, no. 1, 1-31.
  • Growiec, J., Groth, Ch. (2015): “On aggregating human capital across heterogeneous cohorts,” Mathematical Social Sciences, vol. 78, 21-38.
  • Hagemejer, J., Makarski, K., Tyrowicz, J. (2015): “Unprivatizing the pension system: the case of Poland,” Applied Economics vol. 47, Issue 8, 833-852.
  • Hałka, A., Łyziak, T. (2015): “How to Define the Consumer Perceived Price Index? An Application to Polish Data,” Eastern European Economics, vol. 53, Issue 1, 39-56.
  • Jabłecki, J., Gątarek, D. (2015): “A Simple Model of Correlated Defaults with Application to Repo Portfolios,” The Journal of Derivatives, vol. 23, no. 2, 8–23.
  • Kocięcki, A., Rubaszek, M., Ca'Zorzi, M. (2015): “Bayesian forecasting of real exchange rates with a Dornbusch prior,” Economic Modelling, vol. 46, 53-60.
  • Kolasa, M., Rubaszek, M. (2015): “How frequently should we reestimate DSGE models?,” International Journal of Central Banking, vol. 11, no. 4 , 279-305.
  • Kotłowski, J. (2015): “Do central bank forecasts matter for professional forecasters?,” Czech Journal of Economics and Finance (Finance a uver), vol. 66, no. 6, 432-454.
  • Ohl, B., Mäkinen, T. (2015): “Information acquisition and learning from prices over the business cycle,” Journal of Economic Theory, vol. 158, part B, 585-633.
  • Pawłowska, M., Serwa, D., Zajączkowski, S. (2015): International Banking and Liquidity Risk Transmission: Evidence from Poland,” IMF Economic Review, vol. 63, no. 3, 585-605.
  • Stanisławska, E. (2015): “Interest Rate Pass-Through in Poland: Evidence from Individual Bank Data,” Eastern European Economics, vol. 53, Issue 1, 3-24.
  • Suda, J., Singh, A., Stone, S. (2015): “Monetary policy and the financial sector,” Economics Letters, vol. 132, 82-86.
  • Tyrowicz, J., van der Velde, L., Goraus, K. (2015): “What is the true gender wage gap? A comparative analysis using data from Poland,” Review of Income and Wealth.
  • Tyrowicz, J., Goraus, K., van der Velde, L., Siwińska, J. (2015): “Language and (the estimates of) the gender wage gap,” Economics Letters, vol. 136, 165-170.


  • Borys, P., Rzońca, A., Ciżkowicz, P. (2014): “Panel Data Evidence on the Effects of Fiscal Policy Shocks in the EU New Member States”, Fiscal Studies, Institute for Fiscal Studies, vol. 35(2), 189-224.
  • Brzoza-Brzezina, M. (2014): “Financial Frictions and Macroprudential Policy”, International Journal of Central Banking, vol. 10(2), 249-261.
  • Brzoza-Brzezina, M., Kolasa, M. , Jacquinot, P. (2014): “Can We Prevent Boom-Bust Cycles During Euro Area Accession?”, Open Economies Review, vol. 25(1), 35-69.
  • Brzoza-Brzezina, M., Kotłowski J. (2014): “Measuring the Natural Yield Curve”, Applied Economics, vol. 46(17), 2052-2065.
  • Brzoza-Brzezina, M., Makarski, K., Wesołowski, K. (2014): “Would it have paid to be in the eurozone?”, Economic Modelling, vol. 41(C), 66-79.
  • Growiec, J., Growiec, K. (2014): “Social Capital, Trust, and Multiple Equilibria in Economic Performance”, Macroeconomic Dynamics, vol. 18, 282-315.
  • Growiec, J., Growiec, K. (2014): “Trusting Only Whom You Know, Knowing Only Whom You Trust: The Joint Impact of Social Capital and Trust on Happiness in CEE Countries”, Journal of Happiness Studies, vol. 15(5), 1015-1040.
  • Hałka, A., Kotłowski, J. (2014): “Does the Domestic Output Gap Matter for Inflation in a Small Open Economy”, Eastern European Economics, vol. 52(3), 5-32.
  • Kolasa, M. (2014): “Real convergence and its illusions”, Economic Modelling, vol. 37(C), 79-88.
  • Kolasa, M., Lombardo, G. (2014): “Financial Frictions and Optimal Monetary Policy in an Open Economy”, International Journal of Central Banking, vol. 10(1), 43-94.
  • Łyziak, T. (2014): “Formation of Inflation Expectations by Different Economic Agents. The Case of Poland”, Eastern European Economics, vol. 51(6), 5-33.
  • Łyziak, T., Mackiewicz-Łyziak, J. (2014) “Do Consumers in Europe Anticipate Future Inflation? Has It Changed Since the Beginning of the Financial Crisis?”, Eastern European Economics, vol. 52(3), 5-32.
  • Rubaszek, M., Serwa D. (2014): “Determinants of credit to households: An approach using the life-cycle model”, Economic Systems, vol. 38(4), 572-587.
  • Sznajderska, A. (2014): “Asymmetric effects in the Polish monetary policy rule”, Economic Modelling, vol. 36, 547-556.
  • Olszak, M., Pipień, M. (2014): “Cross-country linkages as determinants of procyclicality of loan loss provisions”, The European Journal of Finance, dostępny na stronie internetowej EJF.
  • Tyrowicz, J., Liberda, B., Smyk, M. (2014): “Age–productivity patterns in talent occupations for men and women: a decomposition”, Post-Communist Economies, vol. 26(3), 401-414.


  • Brzoza-Brzezina, M., Kotłowski, J., Miśkowiec, A. (2013): “How forward-looking are central banks? Some evidence from their forecasts,” Applied Economic Letters, 20(2), 142–146.
  • Brzoza-Brzezina, M. and Kolasa, M. (2013): “Bayesian evaluation of DSGE models with financial frictions,” Journal of Money, Credit and Banking, 45(8), 1451–1476.
  • Brzoza-Brzezina, M., Kolasa, M., Koloch, G., Makarski, K., Rubaszek, M. (2013): “Monetary policy in a non-representative agent economy: A survey,” Journal of Economic Surveys, 27(4), 641–669.
  • Brzoza-Brzezina, M., Kolasa, M., Makarski, K. (2013): “The anatomy of standard DSGE models with financial frictions,” Journal of Economic Dynamics and Control, 37(1), 32–51.
  • Gradzewicz, M. and Makarski, K. (2013): “The business cycle implications of the euro adoption in Poland,” Applied Economics, 45(17), 2443–2455.
  • Growiec, J. (2013): “Factor-augmenting technology choice and monopolistic competition,” Journal of Macroeconomics, 38, 86–94.
  • Growiec, J. (2013): “A microfoundation for normalized CES production functions with factor-augmenting technical change,” Journal of Economic Dynamics and Control, 37(11), 2336–2350.
  • Growiec, J. and Schumacher, I. (2013): “Technological opportunity, long-run growth, and convergence,” Oxford Economic Papers, 65(2), 323–351.
  • Kolasa, M. (2013): “Business cycles in EU new member states: How and why are they different?” Journal of Macroeconomics, 38 B, 487–496.
  • Kolasa, M., Makarski, K., Gerke, R., Jonsson, M., Kliem, M., Lafourcade, P., Locarno, A., McAdam, P. (2013): “Assessing macro-financial linkages: A model comparison exercise,” Economic Modelling, 31, 253–264.
  • Lenart, Ł. and Pipień, M. (2013): “Almost periodically correlated time series in business fluctuations analysis,” Acta Physica Polonica A, 123 (3), 567-583.
  • Serwa, D. (2013): “Identifying multiple regimes in the model of credit to households,” International Review of Economics and Finance, 27, 198-208.


  • Cichocki, S. (2012): “Self-employment and the business cycle: evidence from Poland,” Post-Communist Economies, 24(2), 219–239.
  • Growiec, J. (2012): “The world technology frontier: What can we learn from the US States?” Oxford Bulletin of Economics and Statistics, 74(6), 777–807.
  • Growiec, J. (2012): “Determinants of the labor share: Evidence from a panel of firms,” Eastern European Economics, 50(5), 23–65.
  • Growiec, J. and Woźny, Ł. (2012): “Intergenerational interactions in human capital accumulation,” B.E. Journal of Theoretical Economics: Contributions, 12(1), 1–47.
  • Hagemejer, J. and Tyrowicz, J. (2012): “Is the effect really so large? Firm-level evidence on the role of FDI in a transition economy”, Economics of Transition, 20(2), 195–233.
  • Degryse, H., Havrylchyk, O., Jurzyk, E., Kozak, S. (2012): “Foreign bank entry, credit allocation and lending rates in emerging markets: Empirical evidence from Poland,” Journal of Banking & Finance, 36, 2949-2959.
  • Kocięcki, A., Kolasa, M., Rubaszek, M. (2012): “A Bayesian method of combining judgmental and model-based density forecasts,” Economic Modelling, 29(4), 1349–1355.
  • Kolasa, M., Rubaszek, M., Skrzypczyński, P. (2012): “Putting the New Keynesian DSGE model to the real-time forecasting test,” Journal of Money, Credit and Banking, 44(7), 1301–1324.
  • Rubaszek, M. (2012): “The role of two interest rates in the intertemporal current account model,” Macroeconomic Dynamics, 16, 176–189.
  • Rubaszek, M. and Ca'Zorzi, M. (2012): “On the empirical evidence of the intertemporal current account model for the euro area countries,” Review of Development Economics, 16(1), 95–106.
  • Serwa, D. (2012): “Banking crises and nonlinear linkages between credit and output,” Applied Economics, 44, 1025-1040.
  • Strzelecki, P., Galuscak, K., Keeney, M., Nicolitsas, D., Smets, F., Vodopivec, M. (2012): “The determination of wages of newly hired employees: Survey evidence on internal versus external factors,” Labour Economics, 19 (5), 802-812.


  • Baranowski, P. (2011): “Efekty oczekiwanego i nieoczekiwanego zacieśnienia polityki pieniężnej w świetle hybrydowego modelu DSGE dla gospodarki Polski,” Ekonomista, 3, 319–344.
  • Bień-Barkowska K., Nolte, I., Pohlmeier, W. (2011): “An inflated multivariate integer count hurdle model: An application to bid and ask quote dynamics,” Journal of Applied Econometrics, 26(4), 669-707.
  • Bierut, B. K. and Berk, J. M. (2011): “Communication in a monetary policy committee,” European Journal of Political Economy, 27(4), 791–801.
  • Brzoza-Brzezina, M. and Makarski, K. (2011): “Credit crunch in a small open economy,” Journal of International Money and Finance, 30(7), 1406–1428.
  • Grabowski, W. and Welfe, A. (2011): “Global stability of dynamic models,” Economic Modelling, 28, 782-784.
  • Hagemejer, J. and Tyrowicz, J. (2011): “Not all that glitters. The direct effects of privatization through foreign investment,” Eastern European Economics, 49(3), 89–111.
  • Kłębowski, P. and Welfe, A. (2011): “Estimation of the equilibrium exchange rate: The CHEER approach,” Journal of International Money and Finance, 29, 1385-1397.
  • Kolasa, M. and Hagemejer, J. (2011): “Internationalisation and economic performance of enterprises: Evidence from Polish firm-level data,” The World Economy, 34(1), 74–100.
  • Łyziak, T., Przystupa, J., Stanisławska, E., Wróbel, E. (2011): “Monetary policy transmission disturbances during the financial crisis: A case of an emerging market economy,” Eastern European Economics, 49(5), 75-96.
  • Tyrowicz, J. and Daras, T. (2011): “Breeding one’s own sub-prime crisis: The labour market effects on financial system stability,” Economic System, Elsevier, 35(2), 278-299.
  • Tyrowicz, J. and Nestorowicz, J. (2011): “Age and entrepreneur-ship during transition,” Ekonomista, 3, 371-395.

NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

Exchange rates

Table of 2022-12-09
1 EUR4.6821
1 USD4.4351
1 CHF4.7474
1 GBP5.4317
100 JPY3.2560

Economic outlook

Monthly data

Quarterly data

Financial markets



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