MONETARY POLICY AND INVESTMENTS IN THE POLISH ECONOMY

Investments are an important source of development of enterprises and the economy. They depend on many factors. According to most of the major economic schools, an important factor influencing the level and dynamics of investment inputs is monetary policy. The main objective of the study is to investigate the influence of monetary policy of Polish National Bank on the dynamics and structure of investments in Poland. Due to the realistic theory of capital, investment changes were assessed primarily from the point of view of the Austrian school. Research methods that were used in this study include deduction and statistical analysis. In the years 2006-2013, the Polish economy has performed moderately linear relationship between the reference interest rate and the dynamics of investments. Changes in monetary policy led to a disproportionate growth of production of various goods both in periods of better and bad economic situation. Volatility of capital inputs was substantially higher than the production of consumer goods. Also, investments in industries at the early stages of the production structure changed more dynamically than those in sectors that are closest to the consumer. The obtained results confirm the theory of the Austrian School.