The article examines the impact of the NBP interest rate policy on the situation on the Polish stock market. The expansionary and restrictive monetary policy of the NBP was defined. Periods of expansive monetary policy, understood as periods from the date of the first reference rate reduction to the date of the first increase of this rate, as well as periods of restrictive monetary policy, understood as periods from the date of the first increase of the reference rate to the date of its first reduction, were defined. The situation on the Polish stock market was illustrated by selected stock indices listed on the Warsaw Stock Exchange. It was examined what rates of return on stock exchange indices can be expected in periods of expansionary monetary policy of the NBP and what rates of return on these indices can be expected in periods of restrictive monetary policy of NBP.
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