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The Impact of Monetary Policy on CPI and GDP in the Czech Republic and Switzerland for the Period 2000-2016

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216275%3A25410%2F18%3A39913450" target="_blank" >RIV/00216275:25410/18:39913450 - isvavai.cz</a>

  • Result on the web

    <a href="https://uni.uhk.cz/hed/site/assets/files/1072/proceedings_2018_1.pdf" target="_blank" >https://uni.uhk.cz/hed/site/assets/files/1072/proceedings_2018_1.pdf</a>

  • DOI - Digital Object Identifier

Alternative languages

  • Result language

    angličtina

  • Original language name

    The Impact of Monetary Policy on CPI and GDP in the Czech Republic and Switzerland for the Period 2000-2016

  • Original language description

    The aim of this paper is to compare the effectiveness of the monetary policy implemented at the time of low interest rates and foreign exchange interventions in the Czech Republic and Switzerland (using the monetary aggregate M3 and its impact on CPI and GDP). The followed relationship between these values is analyzed using the Engle-Granger cointegration test. These tests are conducted on select statistical data from the years 2000 to 2016. The input data are quarterly in nature and have been seasonally adjusted. For determining the cointegration relationship, it is possible to proceed with the Engle-Granger test, which is meant to determine the long-term relationship between the effectiveness of the monetary policy – between the monetary aggregates M3 and GDP and the relationship between M3 and CPI in the Czech Republic and Switzerland. On the basis of these tests, it was found that there is no cointegration relationship between any time series at a level of significance of 0.05; this means that no long-term relationship was found between the M3 and GDP and also for M3 and CPI. Not finding long-term relationships between M3 and CPI, respectively GDP, means that the monetary policy in the Czech Republic and Switzerland was in the period 2000-2016 ineffective.

  • Czech name

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

  • OECD FORD branch

    50206 - Finance

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2018

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Article name in the collection

    Hradec Economic Days 2018. Part 1

  • ISBN

    978-80-7435-700-8

  • ISSN

    2464-6059

  • e-ISSN

    neuvedeno

  • Number of pages

    11

  • Pages from-to

    140-150

  • Publisher name

    Univerzita Hradec Králové

  • Place of publication

    Hradec Králové

  • Event location

    Hradec Králové

  • Event date

    Jan 30, 2018

  • Type of event by nationality

    WRD - Celosvětová akce

  • UT code for WoS article

    000449443500013