NBP Monetary Policy in 2020–2022 in the Light of Central Banks' Responses to External Shocks

Abstract

The purpose of the article. The aim of the article was to assess the effectiveness of monetary policy implementation under conditions of strong external shocks on the example of selected central banks and its implications for the formation of inflation expectations, taking into account the socio-demographic characteristics of selected groups of respondents.Methodology. Study on the assessment of the scale and effectiveness of selected central banks' actions under monetary shocks caused by the COVID-19 pandemic and Russia's aggression against Ukraine, data analysis, analysis of results of two surveys conducted by the Author.Results of the research. The survey results showed that the activity of the central bank in the area of monetary policy in Poland under conditions of shock is characterized by low effectiveness in the opinion of financial market customers. The chi2 analysys proved that socio-demographic factors such as place of residence, gender, age, occupational status, current level of monthly net income, loan liabilities held and the scale of savings held may influence the evaluation of the effectiveness of the central bank’s policies in Poland.