01721cas a2200253 a 4500 AALejournalIMF000179 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451967432 1018-5941 BD-DhAAL BD-DhAAL Pujol, Thierry. Moderate Inflation in Poland : A Real Story / Thierry Pujol, Mark Griffiths. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (44 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Why is moving from moderate to low inflation almost always slow or costly? This paper answers this question, based on the Polish experience. First, reflecting the transition to a market economy, Polish inflation has been marked by significant changes in relative prices. Second, as wage and price indexation takes root, the inflationary effect of shocks to relative prices is magnified. Third, lagging structural reform, including the failure to extend hard budget constraints to all sectors of the economy, makes monetary policy less effective. Reduced money supply growth with structural reform offers the best prospect for moving to low inflation. Mode of access: Internet Griffiths, Mark. IMF Working Papers; Working Paper ; No. 1996/057 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/057/001.1996.issue-057-en.xml IMF e-Library