Implementation of Multidimensional Cointegrative Analysis to Models of the Polish Economy

The main objective of this study was focused on the analysis of long-term relations among wages, prices and output during the systemic transformation in Poland. Monthly data covering the entire period of 1993-2002 were used. The obtained results indicate that labour productivity and the state of the labour market were determining the average wages. Inflation is mainly dependent on the changes in wages, labour productivity and prices of imported goods. The rate of economic growth was predominantly influenced by capital/labour ratio, inflow of foreign direct investments and the speed of privatization, which also accelerates organizational change.