Inflacja jako cel polityki pieniężnej NBP
Inflation as a target of monetary policy of NBP

Summary/Abstract: The main objective of the study is to evaluate the economic impact of the inflation target of the National Bank of Poland from the perspective of the Austrian School Theory. In the analyzed period, the effects of expansionary monetary policy were consistent with the theory of this school. Easing of NBP policy toward the end of 2008, led to the start of the growth phase of the cycle. In its last part, the inflation measured by the CPI exceeded the inflation target. It preceded the phase of decline which was stemmed from the lengthening of the process of consumer good production.

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