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SRiL in English

"Studia Regionalne i Lokalne"
University of Warsaw
Centre for European Regional
and Local Studies EUROREG
Krakowskie Przedmiescie 30 str
00-927 Warsaw, Poland
 ISSN: 1509-4995 
 The reference version of the journal is the paper version.

Issue: 3(73)/2018
Paweł Gajewski

DOI: 10.7366/1509499537303

Demand and supply shock symmetry across Polish voivodeships

The aim of this paper is to evaluate the symmetry of demand and supply shocks affecting Polish voivodeships and to assess the risk of asymmetric shocks in the future. The study employs the SVAR-based Blanchard and Quah (1989) decomposition as modified by Bayoumi and Eichengreen (1992), and uses a new method of estimating quarterly GDP by voivodeships. The results point to a relatively high symmetry of shocks and a rather low risk of their occurrence. Shock asymmetry does not appear to be strongly related to differences in production structures, which is claimed in most theoretical approaches, including the Optimum Currency Areas Theory.

Keywords: demand shocks  supply shocks  voivodeships  monetary policy  


Paweł Gajewski: University of Łódź, Faculty of Economics and Sociology, ul. POW 3/5, 90–214 Łódź, Poland;