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Theoretical and Applied Economics
No. 4 / 2019 (621), Winter

Does the Mundell-Fleming Model apply to Poland?

Yu HSING
Southeastern Louisiana University, Hammond, Louisiana, USA

Abstract. Applying an extended IS-LM model to Poland, this paper finds that fiscal expansion does not raise output but causes real appreciation and that monetary expansion increases output and leads to real depreciation. Besides, a lower real interest rate, a higher real stock price or a lower expected inflation rate helps raise output; and a higher real interest rate, a higher real stock price or a lower expected inflation rate results in real appreciation. Hence, the predictions of the Mundell- Fleming model are applicable to Poland.

Keywords: fiscal expansion, monetary expansion, exchange rates, Mundell-Fleming model.

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