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MÁ MĚNOVÝ AGREGÁT M3 VLIV NA INFLACI? PŘÍPADOVÁ STUDIE ČESKÉ REPUBLIKY, ŠVÝCARSKA A IZRAELE
Authors: Černohorská Liběna | Maléř Petr
Year: 2019
Type of publication: článek v odborném periodiku
Name of source: Scientific Papers of the University of Pardubice - Series D, Faculty of Economics and Administration
Page from-to: 41-52
Titles:
Language Name Abstract Keywords
cze MÁ MĚNOVÝ AGREGÁT M3 VLIV NA INFLACI? PŘÍPADOVÁ STUDIE ČESKÉ REPUBLIKY, ŠVÝCARSKA A IZRAELE Cílem příspěvku je analyzovat vliv měnového agregátu M3 na inflaci v České republice, Švýcarsku a Izraeli během let 2000 až 2017. Centrální banky vybraných zemí se snaží o dosažení svého stanoveného cíle pomocí cílování inflace. Vybrané indikátory byly sledovány na čtvrtletních datech v České republice, Švýcarsku a Izraeli pomocí Engle-Grangerova testu, kterým lze zjištit dlouhodobé vztahy . Na základě provedených testů nebyl zjištěn dlouhodobý vztah mezi měnovým agregátem M3 ve vztahu k inflaci. devizové intervence; Engle-Granger test; inflace; měnová politika; M3
eng DOES THE MONETARY AGGREGATE M3 THE AFFECT ON THE INFLATION? A CASE STUDY OF THE CZECH REPUBLIC, SWITZERLAND AND ISRAEL The aim of the paper is to analyse the influence of monetary aggregate M3 on inflation in the Czech Republic, Switzerland and Israel between the years 2000 and 2017. The central banks in selected countries have not been able to fulfill their stated goal of achieving price stability. During the period under review, the selected central banks chose foreign exchange intervention as an instrument of unconventional monetary policy to achieve the set inflation target. The analysis of monetary policy in the selected countries will be determined by the long-term relationships between the M3 monetary aggregate and the inflation. Selected indicators were analyzed on quarterly data in the Czech Republic, Switzerland and Israel using the Engle - Granger cointegration test. We have found, based on the tests performed, that monetary policy in the monitored countries was not quite effective in the years 2000-2017 because we did not confirm in our empirical analyzes the long-term relationship between the monetary aggregate M3 in relation to inflation. Engle-Granger test; Foreign exchange intervention; Inflation;Monetary policy; M3

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