National Bank of Poland
The principal objectives of modern central banks, including Narodowy Bank Polski, focus on ensuring macroeconomic stability, price stability in particular, and financial stability. Central banks’ actions towards achieving these objectives have to be underpinned by results of complex economic research that uses various methodological approaches and applies diverse research tools. The significance of such research is of particular importance in the times of high uncertainty the world economy.
The "Economic Research Framework of Narodowy Bank Polski for 2013-2016", approved by the NBP Board on November 22, 2012, defines preferred research areas and key study issues that should be on the agenda of economic research conducted at Narodowy Bank Polski in 2013-2016. Both NBP staff and scholars not affiliated with the NBP can participate in the research. Research project competitions organised by the NBP on an annual basis are designed to include these scholars in research that is deemed useful from the central bank’s point of view.
The document identifies three preferred research areas for 2013-2016:
I. Macroeconomic stability
II. Financial stability
III. Methods of quantitative research
In 2014, 83 research projects – that resulted in at least a presentation or publication as a working paper – were conducted. The majority (75) of these were carried out by NBP staff. The remaining projects (8) were conducted as a result of NBP competitions for research projects, whose reports were accepted in 2014. In terms of the subject of the research projects completed in 2014, most of them (50) were related to macroeconomic stability, including in particular the strategies and effects of monetary policy. A relatively large amount of research, covered by 24 projects, was aimed at the issue of financial stability. Nine projects were devoted to quantitative research methods.
Latest research papers:
- “The role of bank balance sheets in monetary policy transmission. Evidence from Poland” by Mariusz Kapuściński, Narodowy Bank Polski Working Papers, 245, http://www.nbp.pl/publikacje/materialy_i_studia/245_en.pdf
- “Linking excessive disinflation and output movements in an emerging, small open economy. A hybrid New Keynesian Phillips Curve perspective” by Karol Szafranek, Narodowy Bank Polski Working Papers, 239, http://www.nbp.pl/publikacje/materialy_i_studia/239_en.pdf
- “Crisis, contagion and international policy spillovers under foreign ownership of banks” by Michał Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski, Narodowy Bank Polski Working Papers, 231, http://www.nbp.pl/publikacje/materialy_i_studia/231_en.pdf
- “How the central bank’s reaction function in small open economies evolved during the crisis” by Aleksandra Hałka, Bank i Kredyt, 47(4), 301-318, http://bankikredyt.nbp.pl/content/2016/04/bik_04_2016_02_art.pdf
- Permanent link to the website with our conference announcements: http://www.nbp.pl/homen.aspx?f=/badania/konferencje_en.htm
- The forthcoming event: NBP Workshop on Forecasting, http://www.nbp.pl/homen.aspx?f=/badania/konferencje/2016/forecasting/main.html
Visiting researchers: (link)