Optimal FX Interventions with Limited Reserves (with O. Vogt and P. Zabczyk) | [very preliminary draft]
Global Effects of Foreign Exchange Interventions (with A. Babii and J. Linde) | [very preliminary draft]
Macroeconomic and Fiscal Consequences of Quantitative Easing (with T. Adrian, C. Erceg, J. Linde, and P. Zabczyk) | [IMF Working Paper]
Unconventional Monetary Policies in Small Open Economies (with S. Laseen and J. Linde) | [IMF Working Paper] | [SUERF]
For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus (with M. Brzoza-Brzezina, J. Jablonska, and K. Makarski) | [ECB Working Paper] | [SUERF]
Can Energy Subsidies Help Slay Inflation? (with C. Erceg, J. Linde, and A. Pescatori) | [IMF Working Paper]
Central Bank Exit Strategies: Domestic Transmission and International Spillovers (with C. Erceg, J. Linde, H. Mumtaz, and P. Zabczyk) | [IMF Working Paper]
FX Market Frictions in Emerging Market Economies: A Macroeconomic Assessment (with K. Chen, J. Linde, H. Wang, P. Zabczyk, and J. Zhou) | [CEPR Discussion Paper]
Managing Monetary Tradeoffs in Vulnerable Open Economies (with T. Adrian, C. Erceg, J. Linde, and P. Zabczyk) | [CEPR Discussion Paper]
Does it matter if the Fed goes conventional or unconventional? (with G. Wesołowski) | [WNE-UW Working Paper]
Monetary-fiscal interactions during large-scale asset purchase programs (with M. Walerych and G. Wesołowski) | [WNE-UW Working Paper]
Labor market institutions and the business cycle: The role of unemployment fears (with M. Bielecki and P. Kopiec) | [SGH KAE Working Paper]
Monetary Policy and Exchange Rate Dynamics in a Behavioral Open Economy Model (with S. Ravgotra and P. Zabczyk), Journal of International Economics 155: 104087 (2025) | [article] | [replication files]
Demographics, monetary policy, and the zero lower bound (with M. Bielecki and M. Brzoza-Brzezina), Journal of Money, Credit and Banking 55(7): 1857-1887 (2023) | [article] | [VoxEU] | [SUERF]
A solution to the global identification problem in DSGE models (with A. Kocięcki), Journal of Econometrics 236(2): 105477 (2023) | [article] | [replication files]
Quantitative easing in the US and financial cycles in emerging markets (with G. Wesołowski), Journal of Economic Dynamics and Control 149: 104631 (2023) | [article] | [replication files]
Equilibrium foreign currency mortgages, Review of Economic Dynamics 45: 168-186 (2022) | [article]
Intergenerational redistributive effects of monetary policy (with M. Bielecki and M. Brzoza-Brzezina), Journal of the European Economic Association 20(2): 549-580 (2022) | [article] | [VoxEU] | [video]
Monetary policy and COVID-19 (with M. Brzoza-Brzezina and K. Makarski), International Journal of Central Banking 18(1): 41-80 (2022) | [article] | [IMF Market Insight]
Aging, migration and monetary policy in Poland (with M. Bielecki and M. Brzoza-Brzezina), Gospodarka Narodowa. The Polish Journal of Economics 309(1): 5-30 (2022) | [article]
On the limits of macroprudential policy, B.E. Journal of Macroeconomics 21(1): 281-307 (2021) | [article]
Do flexible working hours amplify or stabilize unemployment fluctuations? (with M. Rubaszek and M. Walerych), European Economic Review 131: 103605 (2021) | [article] | [PopDigest]
Multi-period loans, occasionally binding constraints and monetary policy: A quantitative evaluation (with K. Bluwstein, M. Brzoza-Brzezina, and P. Gelain), Journal of Money, Credit and Banking 52(7): 1691-1718 (2020) | [article] | [VoxEU] | [Bank Underground]
Demographics and the natural interest rate in the euro area (with M. Bielecki and M. Brzoza-Brzezina), European Economic Review 129: 103535 (2020) | [article] | [SUERF]
International spillovers of quantitative easing (with G. Wesołowski), Journal of International Economics 126: 103330 (2020) | [article] | [VoxEU] | [replication files]
Comment on “The limits of forward guidance” by Jeffrey R. Campbell, Filippo Ferroni, Jonas D.M. Fisher and Leonardo Melosi (with M. Bielecki and M. Brzoza-Brzezina), Journal of Monetary Economics 108: 135-139 (2019) | [article]
Could the boom-bust in the eurozone periphery have been prevented? (with M. Bielecki, M. Brzoza-Brzezina, and K. Makarski), Journal of Common Market Studies 57(2): 336-352 (2019) | [article] | [VoxEU]
Global identification of linearized DSGE models (with A. Kocięcki), Quantitative Economics 9(3): 1243–1263 (2018) | [article]
Does the foreign sector help forecast domestic variables in DSGE models? (with M. Rubaszek), International Journal of Forecasting 34(4): 809-821 (2018) | [article]
Crisis, contagion and international policy spillovers under foreign ownership of banks (with M. Brzoza-Brzezina and K. Makarski), Journal of Financial Stability 36(C): 293-304 (2018) | [article]
Poland's uninterrupted growth performance: New growth accounting evidence (with M. Gradzewicz, J. Growiec, L. Postek, and P. Strzelecki), Post-Communist Economies 30(2): 238-272 (2018) | [article]
Monetary and macroprudential policy with foreign currency loans (with M. Brzoza-Brzezina and K. Makarski), Journal of Macroeconomics 54(PB): 352-372 (2017) | [article]
Exchange rate forecasting with DSGE models (with M. Ca'Zorzi and M. Rubaszek), Journal of International Economics 107: 127-146 (2017) | [article] | [VoxEU] | [replication files]
Is Poland at risk of the zero lower bound? (with M. Brzoza-Brzezina and M. Szetela), Bank i Kredyt 47(3): 195-226 (2016) | [article]
How frequently should we reestimate DSGE models? (with M. Rubaszek), International Journal of Central Banking 11(4): 279-305 (2015) | [article]
A penalty function approach to occasionally binding credit constraints (with M. Brzoza-Brzezina and K. Makarski), Economic Modelling 51: 315-327 (2015) | [article]
Macroprudential policy and imbalances in the euro area (with M. Brzoza-Brzezina and K. Makarski), Journal of International Money and Finance 51: 137-154 (2015) | [article]
Forecasting using DSGE models with financial frictions (with M. Rubaszek), International Journal of Forecasting 31(1): 1-19 (2015) | [article]
Financial frictions and optimal monetary policy in an open economy (with G. Lombardo), International Journal of Central Banking 10(1): 43-94 (2014) | [article]
Can we prevent boom-bust cycles during euro area accession? (with M. Brzoza-Brzezina and P. Jacquinot), Open Economies Review 25(1): 35-69 (2014) | [article]
Real convergence and its illusions, Economic Modelling 37(C): 79-88 (2014) | [article]
Business cycles in EU new member states: How and why are they different?, Journal of Macroeconomics 38: 487-496 (2013) | [article]
Bayesian evaluation of DSGE models with financial frictions (with M. Brzoza-Brzezina), Journal of Money, Credit and Banking 45(8): 1451-1476 (2013) | [article]
Monetary policy in a non-representative agent economy: A survey (with M. Brzoza-Brzezina, G. Koloch, K. Makarski, and M. Rubaszek), Journal of Economic Surveys 27(4): 641-669 (2013) | [article]
Assessing macro-financial linkages: a model comparison exercise (with R. Gerke, M. Jonsson, M. Kliem, P. Lafourcade, A. Locarno, K. Makarski, and P. McAdam), Economic Modelling 31(C): 253-264 (2013) | [article]
The anatomy of standard DSGE models with financial frictions (with M. Brzoza-Brzezina and K. Makarski), Journal of Economic Dynamics and Control 37(1): 32-51 (2013) | [article]
Putting the New Keynesian DSGE model to the real-time forecasting test (with M. Rubaszek and P. Skrzypczyński), Journal of Money, Credit and Banking 44(7): 1301-1324 (2012) | [article]
A Bayesian method of combining judgmental and model-based density forecasts (with A. Kocięcki and M. Rubaszek), Economic Modelling 29(4): 1349-1355 (2012) | [article]
Internationalization and economic performance of enterprises: Evidence from Polish firm-level data (with J. Hagemejer), The World Economy 34(1): 74-100 (2011) | [article]
Firms in the great global recession: The role of foreign ownership and financial dependence (with M. Rubaszek and D. Taglioni), Emerging Markets Review 11(4): 341-357 (2010) | [article]
FDI and productivity convergence in Central and Eastern Europe: An industry-level investigation (with M. Bijsterbosch), Review of World Economics 145(4): 689-712 (2010) | [article]
Structural heterogeneity or asymmetric shocks? Poland and the euro area through the lens of a two-country DSGE model, Economic Modelling 26(6): 1245-1269 (2009) | [article]
Productivity, innovation and convergence in Poland, Economics of Transition 16(3): 467-501 (2008) | [article]
How does FDI inflow affect productivity of domestic firms? The role of horizontal and vertical spillovers, absorptive capacity and competition, Journal of International Trade and Economic Development 17(1): 155-173 (2007) | [article]
Comparing the Growth Performance of the New EU Countries (with B. Doebeli), Eastern European Economics 45(5): 55-68 (2007) | [article]
Estimating the output gap in the Polish economy: the VECM approach (with M. Gradzewicz), IFC Bulletin 20: 24-41 (2005) | [article]
New Perspectives on Quantitative Easing and Central Bank Capital Policies (with T. Adrian, C. Erceg, J. Linde, R. McLeod, R. Veyrune, and P. Zabczyk), In: D. Broeders, A. Houben, M. Bonetti [Eds.], Central Bank Capital in Turbulent Times: The Risk Management Dimension of Novel Monetary Policy Instruments, Springer (2025) | [book]
How does FDI inflow affect productivity of domestic firms? The role of horizontal and vertical spillovers, absorptive capacity and competition, In: K. Liebscher, J. Christl, P. Mooslechner, D. Ritzberger-Grünwald [Eds.], Foreign Direct Investment In Europe: A Changing Landscape, pp. 101-105, Edward Elgar Publishing (2007)
FDI inflow and sustainable growth in Poland (with M. Gradzewicz), In: S. Krajeński, L. Kucharski [Eds.], Wzrost gospodarczy, restrukturyzacja i rynek pracy w Polsce. Ujęcie teoretyczne i empiryczne, pp. 117-136, University of Łódź Press (2005)
An Estimated DSGE Model for Integrated Policy Analysis (with K. Chen, J. Linde, H. Wang, P. Zabczyk, and J. Zhou) | [IMF Working Paper]
A Quantitative Microfounded Model for the Integrated Policy Framework (with T. Adrian, C. Erceg, J. Linde and P. Zabczyk) | [IMF Working Paper]
Central bank credibility, bond risk premia, and the effects of monetary integration (with D. Supera) | [SGH KAE Working Paper]
Distributional consequences of conventional and unconventional monetary policy (with M. Bielecki and M. Brzoza-Brzezina) | [NBP Working Paper]
The new macroeconometric model of the Polish economy (with K. Budnik, M. Greszta, M. Hulej, K. Murawski, B. Rybaczyk, and M. Tarnicka) | [NBP Working Paper]
ECMOD: Model of the Polish Economy (with T. Fic, A. Kot, K. Murawski, M. Rubaszek and M. Tarnicka) | [NBP Working Paper]
Czy Polsce grozi pułapka deflacyjna? (with M. Brzoza-Brzezina, and M. Szetela), Materiały i Studia 320 (2015)
Teoria realnego cyklu koniunkturalnego, Studia i Prace Kolegium Zarządzania i Finansów SGH 119: 91-121 (2012)
Model neokeynesowski a kryzys finansowy, in: R. Bartkowiak, J. Ostaszewski (ed.), Nauki ekonomiczne w świetle nowych wyzwań gospodarczych, pp. 115-124, Szkoła Główna Handlowa, Warszawa (2010)
Bariery innowacji i absorpcji technologii w świetle nowej ekonomii rozwoju, Ekonomista 2008/1: 97-110 (2008)
Rozszerzony rachunek wzrostu dla Polski, Czech i Węgier (with B. Doebeli), in: S. Krajewski, P. Kaczorowski (ed.), Polska gospodarka w dobie integracji z Unią Europejską – Szanse i zagrożenia, pp. 45-64, Wydawnictwo Uniwersytetu Łódzkiego, Łódź (2008)
Zmiany jakości wykorzystywanych zasobów pracy w Polsce (with P. Strzelecki), Gospodarka Narodowa 18(11-12): 35-53 (2007)
Rola zmian cen dóbr handlowych we wzroście dochodu krajowego Polski, Czech i Węgier (with B. Doebeli), Gospodarka Narodowa 16(9): 25-45 (2005)
Napływ bezpośrednich inwestycji zagranicznych a wzrost gospodarczy w Polsce (with M. Gradzewicz), Ekonomista 2005/4: 515-527 (2005)
Model gospodarki polskiej ECMOD (with T. Fic, A. Kot, K. Murawski, M. Rubaszek, M. Tarnicka), Materiały i Studia 194 (2005)
Szacowanie luki popytowej w gospodarce polskiej przy wykorzystaniu metody VECM (with M. Gradzewicz), Bank i Kredyt 35(2): 14-30 (2004)
Knowledge economy – jak daleko Polsce do Unii Europejskiej? (with A. Czyżewski), in: L. Zienkowski (ed.), Wiedza a wzrost gospodarczy, pp. 33-43, Wydawnictwo Naukowe Scholar, Warszawa (2003)
Wycena opcji egzotycznych przy stopach zwrotu o rozkładzie hiperbolicznym – podejście symulacyjne, Bank i Kredyt 34(4): 87-96 (2003)