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1

The impact of pro-loyalty activities on customer behavior during the high-inflation period

Sowier-Kasprzyk Izabella

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2025

|

z. 217

537--548

EN

Purpose: The aim of this article is to present research on the impact of inflation on customer loyalty. Design/methodology/approach: The objectives were achieved by conducting research and obtaining results in the form of conclusions. The main research method was a survey conducted among customers. The thematic scope of the research was the issue of customer loyalty in the face of increasing inflation. Findings: During the work, it was discovered that despite rising inflation, customers continue to buy products from companies to which they are loyal. Additionally, a number of other interesting findings were discovered. The actions of companies and the behavior of customers are independent of each other. According to the research, companies react to inflation, but their marketing activities are not a sufficient stimulus to stop its effects. Customers at best buy the same amount, and most often less, than before inflation. Research limitations/implications: In the future, research should be carried out in the event of even more increasing inflation and on a larger research sample. Practical implications: Showing the needs of loyal customers shows companies how to communicate with them during rising inflation. In addition, the results of the research would show companies what customers expect from them during this time. Social implications: The research will have an impact on improving the mutual relations between companies and their customers. As a result, customers will be satisfied and companies will gain really loyal customers in the long term. Originality/value: What is new in the article is that the research has been updated in a period of rising inflation. The research is addressed to both the clients of companies themselves.

2

Fertility trends under modern public policy in central Europe’s changing socio-economic landscape

Chmielewski Mariusz, Jańska Anna, Siemionek-Ruskań Małgorzata, Stepanok Nina

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2025

|

z. 229

53--72

EN

Purpose: This article aims to investigate the relationship between total fertility rates and selected socio-economic indicators in Poland, Czechia, and the Slovak Republic from 2009 to 2023. Design/methodology/approach: The analysis follows a dual-track approach: it includes a literature review using bibliometric analysis of scientific publications on fertility, as well as a quantitative analysis of statistical data. Findings: A comprehensive review of the literature, along with an analysis of empirical data underscores the critical importance of addressing the issue of low fertility in Central European countries. The findings of this article confirm that fertility in selected countries of Central Europe is shaped by a complex interplay of socio-economic factors rather than by any single economic indicator. Research limitations/implications: The limitations of this article are primarily related to constraints in the availability and completeness of statistical data. Practical implications: An important practical implication of this study is that economic indicators exhibited divergent effects on fertility levels across different countries. This highlights the need for a more nuanced and in-depth examination of the economic determinants of fertility. Social implications: The social relevance of this study lies in the fact that low fertility is closely linked to broader societal challenges, including population aging, increasing public healthcare expenditures, and the need for pension system reforms. These interrelated issues underscore the social importance of continued research and the urgency of identifying practical solutions to address the declining fertility trend. Originality/value: This article may serve as a recommendation for the optimization of public policy. The analysis of empirical data on selected economic indicators revealed their multifaceted relationship with fertility levels across different countries, indicating their potential influence. These findings provide a basis for adjusting public policy in a targeted manner to address better and manage the issue of low fertility.

3

Comparability of economic and financial data in the theory and practice of financial analysis

Maślanka Tomasz

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2025

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z. 223

327--340

EN

Purpose: The aim of this article is to provide an overview of the distortions in the comparability of economic and financial data that may occur in the course of economic analyses. Design/methodology/approach: The theoretical considerations presented in this publication are based on a critical analysis of the financial analysis literature. The problems presented are supported by numerous empirical examples (case studies). Findings: A properly prepared economic and financial analysis is most often based on a comparative analysis of the financial data under consideration. When conducting such an analysis, however, it should be taken into account that the data used in it may not be comparable. The ability to identify distortions (from different areas) may, nevertheless, allow correct conclusions to be drawn regarding the economic condition of the analysed economic entity. Originality/value: The originality of this publication results from the multi-faceted approach to the issue of economic analysis. The considerations combine aspects of accounting, finance or legal issues. In addition, both micro- and macroeconomic aspects are included in the course of the argument.

4

The impact of macroeconomic measures on the valuation of listed equity in the US. Insights from high inflation periods

Novak Dominik

Managerial Economics

|

2025

|

Vol. 26, no. 1

23--76

EN

While the relationship between stock prices and macroeconomic indicators in the US has been widely examined, conflicting findings in the empirical literature suggest the presence of nonlinear dynamics that remain insufficiently explored. Following the work of A. López-Villavicencio and V. Mignon (2011), and A. Brick and D. Nautz (2008), inflation rates above a threshold level of 3% to 5% are associated with significant adverse effects on economic stability and stock market volatility. Therefore, there is a notable gap in the literature regarding the interactions between macroeconomic measures and stock prices during periods of elevated inflation, focusing on potential threshold effects. This study examines these relationships using monthly data from August 1973 to August 1982, representing High-Inflation Period 1, and from January 2021 to June 2024, representing High-Inflation Period 2. The analysis compares the direction and magnitude of the relationships across both periods. The results confirm that hedging against price level increases is a stronger determinant than withdrawal from capital markets due to heightened uncertainty caused by rising inflation rates, which would otherwise lead to declining stock prices. Additionally, the results highlight a strategic shift in US monetary policy, leading to better-anchored inflation expectations. The analysis also indicates that industrial production has become a less reliable proxy for economic activity in recent years, reflecting the US economy’s transition towards a service-oriented structure. Overall, the observed cointegration between stock prices and macroeconomic variables challenges the assumptions of the Efficient Market Hypothesis.

5

Carbon pricing and fossilflation – the impact of the energy crisis

Druchyn Serhii, Juszczak Adam, Rybacki Jakub

Economics and Environment

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2025

|

No. 3

art. no. 945

EN

The influence of fossil fuel costs in electricity generation, as well as the impact of carbon pricing on final consumer prices, was analysed using a panel vector autoregressive model for EU countries over the period 2015–2023. It was found that increases in energy commodity prices primarily affect retail energy inflation — a 10% rise in the effective price of natural gas used in energy generation was estimated to raise inflation by 0.55 percentage points, while crude oil was associated with an increase of 0.75 percentage points. A significant impact of the EUA ETS (0.6%) was observed, which has been intensified by the energy crisis. A moderate effect on food prices was identified, whereas no second-round effects were detected in the case of core inflation. The impact of carbon pricing on the prices of industrial goods and services was found to be limited.

PL

Wpływ kosztów paliw kopalnych w produkcji energii elektrycznej oraz wpływ systemu cen emisji dwutlenku węgla na ceny dla odbiorców końcowych przeanalizowano przy użyciu panelowego modelu wektorowo-autoregresyjnego (VAR) dla krajów Unii Europejskiej w latach 2015–2023. Stwierdzono, że wzrost cen surowców energetycznych w największym stopniu oddziałuje na inflację cen energii detalicznej – szacuje się, że 10-procentowy wzrost efektywnej ceny gazu ziemnego wykorzystywanego do produkcji energii podnosi inflację o 0,55 punktu procentowego, natomiast wzrost cen ropy naftowej wiąże się ze wzrostem o 0,75 punktu procentowego. Odnotowano istotny wpływ cen uprawnień do emisji CO2 (EUA ETS) na poziomie 0,6%, który został dodatkowo wzmocniony przez kryzys energetyczny. Zidentyfikowano umiarkowany wpływ na ceny żywności, natomiast nie stwierdzono efektów drugiej rundy w przypadku inflacji bazowej. Wpływ cen emisji dwutlenku węgla na ceny towarów przemysłowych i usług oceniono jako ograniczony.

6

Resilience of developers on the housing real estate market to economic shocks

Martyniak Marta

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2024

|

z. 202

397--407

EN

Purpose: The aim of the article is to continue research on the resilience of participants in the housing market to economic shocks and disruptions - in this case, the supply side of the market, i.e., the developer. The goal is also to answer research questions such as: does the developer, as a professional market entity, demonstrate resilience in this regard? Previous research results have shown that the demand side of the market is not resilient to such negative phenomena. Design/methodology/approach: The study is based on the existing literature on resilience concepts and the compilation of statistical data on developers and market conditions during the period of 2018-2023. By analyzing the sales revenues of 32 publicly traded developers during the studied period, their resilience to economic shocks and disruptions was assessed. Findings: The research found that most developers (about 70%) showed resilience to the effects of the pandemic, the outbreak of the war in Ukraine, and rising inflation. It can be inferred that this resilience is related to the long-term investment process and the specifics of the housing market. Research limitations/implications: The study’s results provide a valuable source of information about resilience of developers in real estate market and partially complements existing research in this area. Originality/value: The conducted research provides new insights into the resilience of enterprises to economic shocks - in this case, developers in the housing market. The article is primarily aimed at individuals interested in real estate market research as well as those interested in the concept of enterprise resilience.

7

Are dividends impacted by the timing of macro data releases? Case of WIG, DAX and S&P500

Buła Rafał, Jabłoński Bartłomiej

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2024

|

z. 194

49--72

EN

Purpose: This paper attempts to reveal, on the one hand, whether dividend paid by dividendpaying companies from the WIG, DAX and S&P500 indices for the period 2017-2022 were characterized by positive dynamics of change in real terms, and whether decisions on the level of dividends recommended for payout are more determined by macroeconomic factors from the end of the year, in which the company generated financial results, or from the period, in which dividend decisions were made. Design/methodology/approach: The research objective of this paper is accomplished by means of a thorough literature analysis. In the area of statistical methods, the authors refer to classical methods of correlational analysis, with a focus on non-parametric methods (Spearman’s rho and Kendall’s tau). Findings: The analyses carried out made it possible to indicate that, for companies listed on the FSE and WSE, the only quantity correlated with changes in dividends paid is the PMI index, with a negative correlation for Polish companies and a positive one for German companies. This correlation occurs only if one considers December macroeconomic data readings. On the other hand, for NYSE-listed entities, statistically significant relationships were obtained for the PMI index (negative), the inflation rate (negative) and interest rates (positive). With the exception of interest rates, the correlations apply to both December readings and those from May of the dividend payout year. At the same time, the results indicate different decisions made by the boards of US, German and Polish companies in the face of the SARS-CoV-2 pandemic. Research limitations/implications: The study was conducted on a limited number of analyzed companies and for a limited time range. Therefore, it could be biased, due to the deterministic stock sampling method and the research period. Practical implications: Expanded knowledge of the impact of the timing of publication of macroeconomic parameters on decisions on dividend payouts and their amount. This knowledge is important for both investors and investment funds’ boards. Consequently, one can make better investment decisions. Social implications: Among the paper’s social implications, the most important appears to be a possible change in the investors’ attitude towards dividend-paying companies that not only pay dividends systematically, but also have positive dynamics of change, and the realization that dividend decisions are affected not only by a number of determinants, but also by the timing of their occurrence. Ultimately, investors’ needs could be better addressed. Originality/value: The paper evaluates the impact of macroeconomic determinants on changes in dividend payouts by companies for the period 2017-2022. What is new in the paper is the analysis of whether the timing of the publication of macroeconomic parameters significantly affects the level of dividends paid, thereby filling our knowledge gap.

8

Analysing the impact of export volume on inflation by using container traffic: evidence from Turkey

Çokluk Doğa Ece, Şan Meltem

Scientific Journal of Gdynia Maritime University

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2024

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nr 130

7--21

EN

Inflation has been the subject of many studies as a principal factor that rapidly decreases social welfare, especially in developing countries. For this reason, determining which factors affect inflation is important for the effectiveness of the policies implemented in the fight against inflation. In this study, we aimed to determine whether an increase in exports affects inflation based on exported container traffic, which mostly includes high value-added cargoes. We applied a two-way Granger causality analysis because the opposite relationship between the variables could theoretically be possible. We used 228 monthly observations covering the period between January 2004 and December 2022. The results showed that there is a unidirectional causality between export container traffic and inflation. A positive shock in exports generates a negative shock in inflation, and this shock remains in the system for about 10 months, while the change in inflation is mostly caused by its own past values. This situation shows that exports are effective in reducing inflation by providing foreign currency to the country, but the expectations of an increase in inflation must be broken to a considerable extent for the reducing policies to be effective.

9

A sustainable bi-objective inventory model with source-based emissions and plan-based green investments under inflation and the present value of money

Datta Tapan Kumar, Datta Sayantan, Goswami Adrijit

Operations Research and Decisions

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2024

|

Vol. 34, No. 1

91--117

EN

The paper develops a finite-horizon inventory model with source-based emissions, plan-based green investments under inflation, and the present value of money. The cap-and-trade policy is used as the carbon policy. The model is solved in a bi-objective scenario where the two objectives are maximization of the present value of net profit and minimization of the total emission. We find the Pareto optimal solutions represented by a Pareto front using the ϵ-constraint method. A flowchart is provided to find the non-dominated solutions. Pareto solutions for three special cases (no inflation, carbon tax, and no green investments) are also derived. In our sensitivity analyses, we observe that the carbon quota does not affect the optimal policy. It only affects the optimum profit. Our model shows that green investment is beneficial for the polluting firm and also for the environment.

10

Fighting recent inflation: An empirical literature review of monetary and governmental policies

Haar Christoph

Managerial Economics

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2024

|

Vol. 25, no. 1

7--54

EN

Inflation is a crucial issue for businesses and households, central banks and governments, in fact for all economic actors, as it has a strong impact on economic growth and welfare. This literature review captures how monetary policy and governmental policy can control inflation, how their measures work, and which are the key points to consider when conducting these policies, especially in times of crisis. It uses academic papers from the past eight decades, supplemented by publications from financial and economic institutions, but focuses on literature beginning with the 2000s to capture the latest methods and techniques to find out what drives inflation and how. Monetary policy and governmental policy should act together to effectively fight inflation. Monetary policy can have adverse effects on governments’ future tax revenues and debt-to-GDP ratios. Fiscal policy measures should be associated with altered government spending to avoid high inflation rates and/or high debt burdens in the future. Especially during and right after crises, measures have to be evaluated as too long support can fuel inflation in the future. Both parties should also take into account people’s inflation expectations, as these shape their economic behaviour.

11

Specyfika modeli zarządzania przedsiębiorstwami branży logistycznej w kontekście inflacji w latach 2020–2023

Idrian Piotr, Ligaj Magda, Przyłuska Zuzanna

Gospodarka Materiałowa i Logistyka

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2024

|

nr 2

47--56

PL

Sytuacja polityczno-ekonomiczna w Polsce i na arenie międzynarodowej ma wyraźny wpływ na funkcjonowanie poszczególnych sektorów gospodarki krajowej, m.in. w obszarze szeroko pojętej logistyki. Dynamika ograniczeń przypadających na lata 2020–2023, spowodowana m.in. inflacją, wymusiła wprowadzenie zmian w sposobie zarządzania w przedsiębiorstwach z branży logistycznej i nie tylko. Celem niniejszego artykułu jest identyfikacja modeli zarządzania przedsiębiorstwami logistycznymi w kontekście inflacji w latach 2020–2023. W następstwie tak sformułowanego celu problem badawczy zaprezentowano w postaci następującego pytania: jakie modele zarządzania przedsiębiorstwami determinują sprawne funkcjonowanie firm branży logistycznej w warunkach wzrostu cen towarów i usług konsumpcyjnych? W artykule wykorzystano następujące metody badawcze: analizę, którą zastosowano w celu przetworzenia materiału z raportów rocznych Narodowego Banku Polskiego, tablic statystycznych Głównego Urzędu Statystycznego oraz raportów branżowych, a także syntezę i wnioskowanie, które pomogły w sformułowaniu konkluzji. Wstęp artykułu przedstawia krótki opis branży logistycznej w Polsce, następne autorzy skupili się na jej analizie z naciskiem na lata 2020–2023, przypadające na panujący w kraju kryzys. Ostatnią częścią artykułu są wnioski. Autorzy zaznaczają, że artykuł stanowi wprowadzenie do dalszych prac w tym obszarze.

EN

The political and economic situation in Poland and internationally has a clear impact on the functioning of individual sectors of the national economy, including in the area of broadly understood logistics. The dynamics of restrictions in the years 2020–2023 caused by, among others, inflation, forced changes in the management method in enterprises from the logistics industry and beyond. The paper reviews the management models of logistics enterprises in the context of inflation. Guided by the purpose formulated in this way, the research problem was presented in the form of the following question: What business management models determine the efficient operation of logistics enterprises in the conditions of rising prices of goods and services and consumer services? The following research methods were used in the article: analysis, which was used to process material from the annual reports of the National Bank of Poland and statistical tables of the Central Statistical Office, as well as synthesis and inference, which made it possible to formulate conclusions. The initial part of the article presents a short description of the logistics industry in Poland, the next authors focused on its analysis with emphasis on the years, corresponding to the general crisis in the country. The last part of the article is the conclusions. The authors emphasize that the article is an introduction to further work in this area.

12

Do bonds indexed to inflation protect against its negative effects? Analysis of rates of return in real terms for treasury bonds issued by Poland

Szczypiński Aleksander

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2023

|

z. 176

675--689

EN

Purpose: The aim of the article is to examine whether inflation-indexed treasury bonds issued by the Polish Minister of Finance protect investors’ capital against the negative consequences of an increase in the price level. Design/methodology/approach: The condition which has to be met in order to achieve a positive net rate of return in real terms has been established. The historical and current rates of return on investment in the inflation-indexed treasury bonds issued by the Polish Minister of Finance were analysed to check whether they meet this condition. Findings: Own research has shown that in general, operation principle of bonds indexed to inflation should allow the investor to gain protection from negative effects of price changes. Yet, the example of Polish treasury bonds shows that systematic reduction of interest premiums for the subsequent series of issued instruments, changes in the operation principles, negative effect of taxation and materialisation of the defined in article time-shift mismatch risk - in the high-inflation environment results in significantly negative values of the current net rates of return in real terms of the latest series of COI and EDO bonds. This means that these bonds have not protected investors from the negative effects of price increases and loss of purchase power of invested capital. Research limitations/implications: The levels of real rates of return calculated in the way presented in the article, i.e. based on official data of the Statistics Poland, are representative for the entire economy, yet do not have to translate into the same value for the individuals - real rates of return calculated appropriately for the individual investor may vary in both ways and therefore be more or less favourable than presented in the article. Originality/value: The demand for these investment products is increasing, which is surprising in the light of the article’s findings. That may, result from investors’ expectations regarding a decrease in inflation in the coming periods, as well as the fact that, despite the negative profitability in real terms, these instruments can more effectively minimize the real-term losses stemming from inflation than other types of investments of a similar risk level (deposits, savings accounts) what can be furtherly reviewed in the next research.

13

Polski handel zagraniczny produktami rolno-spożywczymi w czasie trwania wojny w Ukrainie

Bułkowska Małgorzata

Przemysł Spożywczy

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2023

|

T. 77, nr 9

2--8

PL

W artykule przedstawiono zmiany w polskim handlu zagranicznym produktami rolno-spożywczymi w 2022 r. oraz I półroczu 2023 r. Omówiono czynniki determinujące polski handel rolno-spożywczy, przedstawiono zmiany poziomu i dynamiki obrotów produktami rolno-spożywczymi, tj. ich eksportu, importu i salda, a także wyniki analizy struktury geograficznej i towarowej. Następnie skoncentrowano się na tendencjach w polskim handlu produktami rolno-spożywczymi z Ukrainą. Pomimo presji zmian zachodzących w otoczeniu zewnętrznym, w 2022 r. wartość polskiego eksportu rolno-spożywczego wzrosła o 27,3%, osiągając 47,9 mld euro, natomiast wartość importu zwiększyła się o 29,2%, do 32,2 mld euro. Tym samym nadwyżka handlowa ukształtowała się na poziomie 15,6 mld euro i była o 23,5% wyższa niż w 2021 r. Rekordowe obroty w polskim handlu rolno-spożywczym były w dużej mierze efektem rosnących cen produktów. W 2023 r. trend ten jest kontynuowany. Dalszy rozwój polskiego eksportu będzie w najbliższych latach determinowany m.in. przebiegiem oraz skutkami konfliktu zbrojnego w Ukrainie, jak również rosnącymi kosztami produkcji, które będą miały bezpośredni wpływ na opłacalność handlu zagranicznego, a tym samym kondycję całego sektora rolno-spożywczego w Polsce.

EN

The article presents changes in Polish foreign trade in agri-food products in 2022 and the first half of 2023. First, the factors determining Polish agri-food trade were discussed, then changes in the level and dynamics of trade in agri-food products were presented, i.e. their exports, imports and balances, as well as the results of the analysis of the geographical and commodity structure. The second part of the article focuses on trends in Polish trade in agri-food products with Ukraine. Despite the pressure of changes in the external environment, in 2022 the value of Polish agri-food exports increased by 27.3%, reaching EUR 47.9 billion, while the value of imports increased by 29.2%, to EUR 32.2 billion. Thus, the trade surplus amounted to EUR 15.6 billion and was 23.5% higher than in 2021. The record-breaking turnover in the Polish agri-food trade was largely the result of rising product prices. In 2023, this trend continues. Further development of Polish exports in the coming years will be determined by the course and effects of the armed conflict in Ukraine, as well as the growing production costs, which will have a direct impact on the profitability of foreign trade, and thus, the condition of the entire agri-food sector in Poland.

14

Zarządzanie inwestycjami tramwajowymi na terenie Wrocławia w dobie nieprzewidywalności cen

Skiba Magdalena

Przegląd Budowlany

|

2023

|

R. 94, nr 11-12

168--170

PL

Od 2020 r. Wrocław jest w trakcie ogromnego procesu inwestycyjnego w obszarze infrastruktury tramwajowej. Ze względu na ogólnoświatowy kryzys surowcowy, wywołany szeregiem zdarzeń bezpośrednio lub pośrednio związanych z pandemią zdolności produkcyjne zakładów oraz dostępność surowców uległy drastycznemu zmniejszeniu. Część dostawców była zmuszona do czasowego lub całkowitego przerwania swojej działalności produkcyjnej. Zredukowana podaż doprowadziła również do drastycznego wzrostu cen, a w niektórych przypadkach do przerwania dostaw. W niniejszym artykule przeanalizowano wpływ zmian gospodarczo-politycznych na branżę transportową oraz inwestycyjną, a w rezultacie na transport publiczny oraz realizację inwestycji tramwajowych we Wrocławiu.

EN

Since 2020 Wroclaw has been undergoing a huge investment process in the area of a tram infrastructure. Due to the global raw material crisis, caused by a number of events directly or indirectly related to the pandemic, the production capacity of the plants and the availability of raw materials have been drastically reduced. Some suppliers were forced to temporarily or completely stop their production activities. The reduced supply has also led to a drastic increase in prices and, in some cases, to interruptions of supplies. This article analyzes the impact of economic and political changes on the transport and investment industry, and, as a result, on public transport and the implementation of tram investments in Wroclaw.

15

Rynek budownictwa w Polsce w obliczu kryzysu wojny w Ukrainie

Przybylski Patryk, Tkaczyk Stanisław, Mijas Bartosz, Grodzicki Bartosz, Zawadzka Aleksandra

Przegląd Budowlany

|

2023

|

R. 94, nr 9-10

42--46

PL

W artykule autorzy przedstawiają problem wzrostu kosztów w budownictwie na przykładzie kluczowych materiałów budowlanych, takich jak cement, kruszywo, transport bądź stal. Zostały przeanalizowane ostatnie lata, w których wykazano duże wzrosty cen na przestrzeni ostatnich lat, oraz oceniono perspektywę budownictwa w następnych latach.

EN

In the article entitled the authors present the problem of increasing costs in construction using the example of key building materials such as cement, aggregate, transport or steel. Recent years were analyzed, which showed significant price increases over recent years, and the prospects for construction in the coming years were assessed.

16

The relationship between the inflation rate and the unemployment rate in Poland and their long-term associations with selected macroeconomic variables

Koterwa Jan, Kycia Hubert, Czapkiewicz Anna

Managerial Economics

|

2023

|

Vol. 24, no. 2

165--185

EN

The purpose of this paper is to examine the relationship between the inflation and unemployment rates in Poland and to analyze their long-term relationships with selected macroeconomic variables: the WIG20 index, consisting of the 20 largest Polish companies noted on Warsaw Stock Exchange, the USD/PLN exchange rate, the Brent crude oil index, and the interest rate on 10- year government bond yields. The main objective of the study is to determine the relationship between inflation and unemployment. In this study, a vector error correction model (VECM) was used to study long-run dependence. The impulse response function and forecast error variance decomposition were also used to examine the interactions between variables. There is one long-run relationship between the factors studied. Both the values of the VECM model parameters and the results of the impulse response function indicate that there is a negative relationship between inflation and unemployment in the short term. In the long term, there is a positive relationship, resulting in the stagflation phenomenon.

17

The impact of markups and wages on changes in the level of inflation in Poland

Kosztowniak Aneta

Managerial Economics

|

2023

|

Vol. 24, no. 2

145-–164

EN

This paper analysis of the impact of markups and wages of enterprises on changes in the level of inflation in Poland in the years 2007–2022. The impact of markups and wages on changes in CPI were assessed using the VECM model, the impulse responses, and the variance decomposition. The results indicate that industrial sector, including the mining and quarrying section, showed the highest dynamics of changes in markups and wages. In the years 2005–2022, the impact of markups on changes in CPI was stronger, although it was losing importance, with a weaker but growing impact of wages. Forecasts of the degree of clarification of the CPI in Poland indicate a greater importance of markups, with the impact of wages weaker by half, but growing over time. The paper extends the state of theoretical and empirical studies on the determinants of the CPI and the inflation expectations. It also considers the context of persistent exogenous and endogenous shocks from the COVID-19 pandemic and the war in Ukraine, and changes in demand and supply impulses. The results of this study may be valuable as a contribution.

18

Analiza rynku paliw płynnych w Polsce od stycznia 2019 r. do września 2022 r.

Złoty Marcin

Gospodarka Materiałowa i Logistyka

|

2023

|

nr 2

50--61

PL

Celem artykułu jest dokonanie analizy rynku wybranych paliw płynnych od stycznia 2019 r. do połowy września 2022 r. Badanymi paliwami były: benzyna silnikowa, olej napędowy oraz skroplony gaz petrochemiczny LPG. Jako metodę badawczą zastosowano analizę raportów i baz danych zawierających dane dotyczące badanych surowców, paliw kopalnych i kursu USD/PLN. Największymi podmiotami paliwowymi działającymi na terenie Polski są: PKN Orlen, BP, Shell oraz grupa prywatnych stacji. Z przeprowadzonej analizy wynika, że na cenę paliw w Polsce w badanym okresie istotny wpływ miały: zmiany ceny ropy naftowej WTI i gazu ziemnego, cykl koniunkturalny (recesja w trakcie pandemii COVID-19), wydarzenia geopolityczne (rozpoczęcie wojny w Ukrainie), kurs walutowy USD/PLN, zmiana wysokości podatku VAT na paliwa, akcyza, opłata paliwowa i emisyjna oraz marże koncernów paliwowych. Na wzrost cen paliw w Polsce pod koniec badanego okresu wpłynęły deprecjacja złotówki i wzrost marży koncernów paliwowych. Ceny paliw w Polsce zdecydowanie szybciej reagują na wzrost cen ropy naftowej i gazu ziemnego niż na spadki cen tych surowców.

EN

The aim of the article is to analyze the market of selected liquid fuels from January 2019 to mid-September 2022. The tested fuels were: motor gasoline, diesel oil and liquefied petrochemical gas. The analysis of reports and databases containing data on the analyzed commodities, fossil fuels and the USD/PLN exchange rate was used as the research method. The largest fuel entities operating in Poland are: PKN Orlen, BP, Shell and a group of private stations. The conclusion of the article is the fact that the price of fuels in Poland in the analyzed period was significantly influenced by: changes in WTI crude oil and natural gas prices, business cycle (recession during the COVID-19 pandemic), geopolitical events (start of war between Russia and Ukraine), USD/PLN exchange rate, change in value-added tax on fuels, excise duty, fuel and emission fee and margins of fuel companies. The appreciation of fuel prices in Poland at the end of the analyzed period was influenced by the depreciation of the Polish zloty and the increase in the margins of fuel companies. Fuel prices in Poland respond much faster to increases in crude oil and natural gas prices than to decreases in the prices of these raw materials.

19

Wzrost zeżarła inflacja

Czekaj Damian

Geodeta : magazyn geoinformacyjny

|

2023

|

nr 2

8--12

20

Praca w OZE

Czarnecki Tomasz

Energia i Recykling : gospodarka obiegu zamkniętego

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2023

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nr 7

PL

Inflacja powoduje, że wśród Polaków narasta lęk przed bezrobociem. Czy dotyczy ono również rozwijającej się branży odnawialnych źródeł energii? Postanowiliśmy przeanalizować najpopularniejsze portale internetowe, by sprawdzić, ile branżowych ofert pracy dotyczących OZE można na nich znaleźć.