PRÓBA EMPIRYCZNEJ WERYFIKACJI NEOKEYNESOWSKIEGO MODELU FUNKCJONOWANIA RYNKU PRACY. PRZYPADEK POLSKI I CZECH
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Date
2005
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Wydział Prawa i Administracji UAM
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EMPIRICAL ANALYSIS OF THE LABOUR MARKET IN THE CZECH REPUBLIC AND POLAND. A NEW KEYNESIAN APPROACH
Abstract
Nominal rigidities are the cornerstone of the New Keynesian microeconomics. Sticky prices
and wages are the determinant of the effectiveness of the demand regulation economic policy of
a state. The paper presents an empirical analysis of the rigidities in the Czech Republic and in Poland.
Using the cointegration-based impulse response analysis and a variance decomposition we
have found little evidence proving the assumptions typical of the New Keynesian approach although
the prices and wages were found to be more flexible in Poland. However, the obtained results
do not challenge the theoretical foundations of the early New Keynesian models: one must
take into consideration the specific problems relevant to the countries under transition.
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Ruch Prawniczy, Ekonomiczny i Socjologiczny 67, 2005, z. 2, s. 115-131.
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0035-9629