Polityka pieniężna Narodowego Banku Polskiego a decyzje Europejskiego Banku Centralnego
Monetary policy of the National Central Bank of Poland vs. the decisions of the European Central Bank

Summary/Abstract: The aim of this article is to analyze the relationship between the monetary policy of the National Central Bank of Poland and the decisions of European Central Bank in the field of shaping the main interest rate. In modeling that link the autoregressive model with distributed lags was used. This model allows to conduct the multiplier’s analysis describing the short-term and the long-term impact of an exogenous variable on a given endogenous variable. In the study the Polish reference rate was used as the dependent variable and the interest rate on the main refinancing operations of the ECB was used as explanatory variable. Quarterly time series for the period of quarter II 2000–quarter IV 2014 were used in the analysis. The estimated model revealed an impact of the ECB’s interest rate policy on the decisions of the Poland’s NCB in that field in the short- and medium-term.

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