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1 Ekonomický časopis (Journal of Economics)

1 2016

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INFLATION IN POLAND UNDER STATE-DEPENDENT PRICING

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Baranowski P. , Górajski M. , Malaczewski M. , Szafranski G.

Ekonomický časopis (Journal of Economics)

2016

tom 64

nr 10

937 – 957

We investigate the short-term dynamics of the Polish economy by means of a small-scale DSGE model with stochastic menu costs. We compare macroeconomic evidence of price rigidity in a model with the state-dependent Phillips curve to a benchmark model with conventional time-dependent price stickiness. With a moderate 2.3% upper boundary on menu costs the estimated state-dependent pricing model for Poland indicates a median duration of prices about 14 months, whereas the same measure of price stickiness in the time-dependent pricing model is 3 months shorter. The result from the state-dependent pricing model estimated from macro data is closer to, both, micro-price evidence, and surveys on frequency of price changes in Poland. The difference is explained by a selection effect being present in the model with state-dependent price stickiness, only. It yields more intense and impact price adjustment after a monetary policy shock.