The impacts of monetary policy of the Czech National Bank on selected economic indicators

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

The impacts of monetary policy of the Czech National Bank on selected economic indicators

Popis výsledku v původním jazyce

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&apos;s basic interest rate to Granger causality. Therefore, we can positively assess the CNB&apos;s decision to leave the targeting money supply.

Název v anglickém jazyce

The impacts of monetary policy of the Czech National Bank on selected economic indicators

Popis výsledku anglicky

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&apos;s basic interest rate to Granger causality. Therefore, we can positively assess the CNB&apos;s decision to leave the targeting money supply.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2021

Kód důvěrnosti údajů

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

Název periodika

International Journal of Monetary Economics and Finance

ISSN

1752-0479

e-ISSN

—

Svazek periodika

14

Číslo periodika v rámci svazku

1

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

19

Strana od-do

35-53

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85101800193