PRÓBA EMPIRYCZNEJ WERYFIKACJI NEOKEYNESOWSKIEGO MODELU FUNKCJONOWANIA RYNKU PRACY. PRZYPADEK POLSKI I CZECH

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.