Równania cen, wynagrodzeń i przepływów finansowych
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A system of price equations is defined, the producer prices being its core. They depend both on output gap and production unit costs decomposed into labour costs, costs of imported goods (exchange rates) and other costs. The wage equations are built assuming a negotiation process between entrepreneurs, unions and government representatives. Their real level depends on the rate of unemployment and in the long-run on the labour productivity. The financial flows are decomposed into the credits (loans) and deposits, the demand for money is determined. Specific equations explain the incomes and expenditures o f the state budget and the financial sector. A submodel explains the balance of payment items.