Bogusław Fiedor • Prof. Jan Zawadka, Joanna Pietrzak-Zawadka, The forest arborets and their activities for . mega system of economy, society and natural environment, and thereby cre- .. ekologicznych wzrostu (rozwoju) w Polsce oraz barier gospodarczych dla ochrony Finanse, Rynki Finansowe, Ubezpieczenia”. System finansowy w Polsce, t. I i II. Bogusław Pietrzak, Zbigniew Polański, Barbara Woźniak (red.). Warszawa: Wydawnictwo Naukowe PWN, Foreign capital in the Polish banking system is an extremely important subject because of the topicality of the Supervisor, Bogusław Pietrzak (FASS / DESP).

The Banzhaf index henceforth the B-z index is based on a notion of a swing. Two of the most widely used power indices are the Shapley-Shubik and Banzhaf indices.

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The members of the EB are appointed for the eight-year term, which is non-renewable 8. The term tip stands for terms independent of policy. We apply the models based on either New Keynesian or Neo-Keynesian framework and run simulations to find that volatility of output and inflation declines with a decrease in the home bias of the GC members.

We state the following proposition, which is based on Proposition 6.

The micro foundations of our model give us a natural welfare measure, i. However, by allowing the foreign pitrzak to be hit by stochastic shocks and, moreover, its monetary policy to be suboptimal, we obtain di erent targets and also penalty coe cients bogisaw domestic CPI in ation and the nominal interest rate. In our framework, demand shocks are random disturbances to the IS curves of 27 countries see 2 or We thus consider a scenario in which all the 27 NCB governors have a right to vote in every period.

Nelson, Plosser;Hurlin, Table 11 presents the calculations of the symmetric S-S index under the assumption that all voters are home-biased. Home Bias and International Risk Sharing: On the other hand, domestic tradable productivity shocks result in a rise finansosy both types of terms of trade.

Then, the optimal policy also minimizes a modi ed discounted loss criterion of the form 5.

Devereux and Natalucci and Ravenna nd that the monetary regime characterized by exible in ation targeting with some weight on exchange rate stability succeeds in ful lling the Maastricht criteria. Our loss function can be seen as a generalization of the previous studies encompassing both the closed AokiBenignoRotemberg and Woodford and open economy botusaw Gali and MonacelliDe Paoli The project serves as a supporting study for the Report and, consequently, its findings do not determine the overall conclusions of the Report.

Summing blgusaw, the set of inequalities 4.

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On the other hand, however, there are a number of arguments that the regional bias may indeed be present in the GC members decisions. The above results are largely confirmed by the voting power analysis. The rst stream of literature represented by, among others, Buiter and GrafeCoricellicalls for adopting the peg regime to the euro in these countries, as it enhances credibility of the monetary policy and strengthens the links with the EU and the EMU.

The last one reflects the arithmetical fact that the weighted sum of deviations from the weighted average is zero.

Why is fiscal policy often procyclical? Those 15 voting rights will be assigned on a rotation basis, which shall proceed as follows: The introduction of the new voting scheme eliminates the possibility that those member states whose NCB governors have a right to vote at a given time will be unrepresentative of the euro area as a whole.

Summing up, in response to domestic nontradable productivity shocks, the constrained optimal policy leads to smaller uctuations in all three Maastricht variables than unconstrained optimal monetary policy. Furthermore, in order to study the role of monetary policy in this framework, we introduce monopolistic competition and price rigidities with staggered Calvo contracts in all goods sectors.

Moreover, the nominal exchange rate criterion is stated in terms of the quarterly nominal exchange rate movements. Furthermore, the Statute specifies that the GC should take all measures necessary for the implementation of the above described principles also acting by a two-thirds majority. In order to implement the already adjusted criteria into the linear quadratic framework, we take advantage of the method proposed by Rotemberg and Woodfordand Woodford which is applied to 26 We are aware of the CPI in ation rate dispersion among the EMU member countries.

A part of the debate focuses on the distinction, made by Felsenthal and Machoverbetween indices reflecting power as influence and those that describe power in terms of prize Fahrholz and Mohl, This extension is necessary to replicate properly the features of EMU macroeconomic adjustment and remain in line with the main logic of New-Keynesian open economy framework, as emphasized by Clarida et al.

Why is financial stability a goal of public policy? Comparison of the rotation system with the old voting scheme shows that in most cases there is no significant difference between the two frameworks.

In this case the new system produces much lower volatility than the old voting scheme. Autor publikacji z tego zakresu. Summing up, the optimal monetary policy constrained by additional criteria on the CPI in ation and the nominal interest rate is the policy satisfying all Maastricht convergence criteria.