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
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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
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
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OECD FORD branch
50206 - Finance
Result continuities
Project
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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