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NBP: MPC's Tyrowicz Says Wages Keep Growing At Pace, Ex-Ante Real Rates Are Low

NBP
PolandCEEMEAEM BulletBulletEmerging Market News

MPC's hawkish dissenter Joanna Tyrowicz wrote in a LinkedIn post that "wages are not slowing," pointing to statistical effects skewing the data. Tyrowicz noted that (1) annual resampling of surveyed firms coincides with the revision of minimum wage and (2) surveyed firms can change their declarations. She wrote that after "cleaning" the data (correcting for inflation, seasonal effects and the impact of resampling), wages are still growing relatively fast compared to "normal" years.

  • In an earlier post, Tyrowicz wrote that inflation expectations in Poland are rising, pushing ex-ante real interest rates lower. She noted that they are below those in the EZ and US, which was the case for much of the current inflation episode.
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MPC's hawkish dissenter Joanna Tyrowicz wrote in a LinkedIn post that "wages are not slowing," pointing to statistical effects skewing the data. Tyrowicz noted that (1) annual resampling of surveyed firms coincides with the revision of minimum wage and (2) surveyed firms can change their declarations. She wrote that after "cleaning" the data (correcting for inflation, seasonal effects and the impact of resampling), wages are still growing relatively fast compared to "normal" years.

  • In an earlier post, Tyrowicz wrote that inflation expectations in Poland are rising, pushing ex-ante real interest rates lower. She noted that they are below those in the EZ and US, which was the case for much of the current inflation episode.