The impacts of monetary policy of the Czech National Bank on selected economic indicators
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216275%3A25410%2F21%3A39917513" target="_blank" >RIV/00216275:25410/21:39917513 - isvavai.cz</a>
Result on the web
<a href="https://www.inderscienceonline.com/doi/abs/10.1504/IJMEF.2021.113306" target="_blank" >https://www.inderscienceonline.com/doi/abs/10.1504/IJMEF.2021.113306</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1504/IJMEF.2021.113306" target="_blank" >10.1504/IJMEF.2021.113306</a>
Alternative languages
Result language
angličtina
Original language name
The impacts of monetary policy of the Czech National Bank on selected economic indicators
Original language description
The aim of the paper is to determine the impact of monetary policy of the Czech National Bank (CNB) on selected economic variables between the years 1996 and 2017. We will therefore examine the long-term relationships between M3 and short-term interest rates in relation to inflation and other economic variables, i.e., gross domestic product (GDP) and bank loans to the private non-financial sector. Time series analysis is performed using Engle-Granger co-integration analysis to find long-term relationships and Granger causality testing to determine mutual short-term relationships between the monitored variables. The empirical results show that there are no long-term relationships between the monitored variables there are only short-term ones. This leads to the conclusion that the development of the inflation rate, GDP, and loan volume can be predicted based on the development of the M3 monetary aggregate and the CNB's basic interest rate to Granger causality. Therefore, we can positively assess the CNB's decision to leave the targeting money supply.
Czech name
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Czech description
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Classification
Type
J<sub>SC</sub> - Article in a specialist periodical, which is included in the SCOPUS database
CEP classification
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OECD FORD branch
50206 - Finance
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2021
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
International Journal of Monetary Economics and Finance
ISSN
1752-0479
e-ISSN
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Volume of the periodical
14
Issue of the periodical within the volume
1
Country of publishing house
GB - UNITED KINGDOM
Number of pages
19
Pages from-to
35-53
UT code for WoS article
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EID of the result in the Scopus database
2-s2.0-85101800193