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

Kód výsledku v 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>

Výsledek na webu

<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

—

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2018

Kód důvěrnosti údajů

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

Název statě ve sborníku

Hradec Economic Days 2018. Part 1

ISBN

978-80-7435-700-8

ISSN

2464-6059

e-ISSN

neuvedeno

Počet stran výsledku

11

Strana od-do

140-150

Název nakladatele

Univerzita Hradec Králové

Místo vydání

Hradec Králové

Místo konání akce

Hradec Králové

Datum konání akce

30. 1. 2018

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000449443500013