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Business & Economics

INTERNAL COORDINATION OF THE INSTRUMENTS OF ANTICYCLICAL POLICY IN THE CONTEMPORARY ECONOMY OF POLAND
Ryszard Barczyk

ABSTRACT. In today's policy counteracting short and medium-term changes in economic activity instruments of both, fiscal and monetary policy are used. Major schools of economics present different opinions concerning the role of particular instruments, mechanism of their anti-cyclical impact and final effects. Relatively less attention is paid to the possibilities, range and consequences of internal coordination of fiscal and monetary tools in their anticyclical activity. The aim of the article is to analyse anticyclical consequences resulting from internal coordination of fiscal and monetary instruments, and the main factors determining implementation of the policy mix. The paper will also discuss empirical cause-effect and time-related dependencies between the most important instruments of coordinated anticyclical policy in the economy of Poland in the period quarter I 2000 - quarter II 2011. The paper consists of three parts. The first one consists of theoretical considerations concerning the anticyclical consequences of internally coordinated fiscal and monetary tools. The second part discusses the results of analytical studies which analysed influence of anticyclical instruments on business fluctuations and cause-effect between the fiscal and monetary instruments used in the Polish economy. The final part introduces the analysis of the most significant conditions determining implementation of anticyclical policy mix in Poland.

KEYWORDS: business fluctuations, instruments of fiscal and monetary policy, internal coordination of anticyclical tools, Poland..

JEL classification: E3, E4, E5.