Porównanie skuteczności polityki fiskalnej i monetarnej na panelowej próbie wektorowo-autoregresyjnej
Comparison of the effectiveness of fiscal and monetary policy in a panel vector autoregressive model

Summary/Abstract: The aim of the article is to compare empirically the effectiveness of fiscal and monetary stabilization policies. The empirical approach is to examine the effects of both policies on the level of GDP in a panel-autoregressive vector model (Panel VAR). In this context, the tested hypothesis is that monetary policy is generally more effective than fiscal policy to economic fluctuations. Empirical study shows that indeed, the monetary policy is a more effective policy.

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