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  • The main aim of this article is to find out whether there is a significant relationship between money supply growth and inflation in the Eurozone. For this reason, the monetary policy strategy of the European Central Bank (ECB) has been evaluated. Since the establishment of the ECB in January 1999 to May 2003 the ECB's monetary policy strategy consisted of three main elements: a quantitative definition of price stability, a prominent role for money in the assessment of risks to price stability (aggregate M3 as a reference value), and a broadly based assessment of the outlook for price developments. Nevertheless, since May 2003 M3 or any other monetary aggregate has lost its prominent role in the ECB's strategy. Therefore the nowadays ECB's monetary policy strategy consists of a quantitative definition of the primary objective of price stability and an analytical framework based on two pillars -- economic analysis and monetary analysis. These two pillars are used by the ECB's Governing Council in the o
  • The main aim of this article is to find out whether there is a significant relationship between money supply growth and inflation in the Eurozone. For this reason, the monetary policy strategy of the European Central Bank (ECB) has been evaluated. Since the establishment of the ECB in January 1999 to May 2003 the ECB's monetary policy strategy consisted of three main elements: a quantitative definition of price stability, a prominent role for money in the assessment of risks to price stability (aggregate M3 as a reference value), and a broadly based assessment of the outlook for price developments. Nevertheless, since May 2003 M3 or any other monetary aggregate has lost its prominent role in the ECB's strategy. Therefore the nowadays ECB's monetary policy strategy consists of a quantitative definition of the primary objective of price stability and an analytical framework based on two pillars -- economic analysis and monetary analysis. These two pillars are used by the ECB's Governing Council in the o (en)
  • Empirická analýza provedená v příspěvku identifikovala ve sledovaném období statisticky vysokou závislost mezi růstem peněžní zásoby a inflací ve třech členských zemích eurozóny (Německu, Irsku a Nizozemí). V dalších sledovaných zemích (Belgii, Španělsku, Francii a Rakousku) byla také identifikována statisticky významná závislost mezi zkoumanými časovými řadami, avšak identifikované zpoždění v rozsahu 1 až 2 měsíců plně nekoresponduje s očekávaným dopadem růstu peněžní zásoby na inflaci (Tabulka IV). Závislosti mezi zkoumanými řadami, které byly nalezeny při různých zpožděních, jsou způsobeny především rozdíly v působení transmisních mechanismů měnových politik v jednotlivých zemích a svůj vliv hrají také rozdíly ve finančních systémech zkoumaných ekonomik (tyto důvody uvádí také např. Angeloni, 2002; s. 43--44). Rozdílná rychlost obratu peněz a rozdílná intenzita vlivu růstu peněžní zásoby na inflaci pozorovaná mezi jednotlivými zeměmi eurozóny pak negativně ovlivňuje schopnost Evropské centrální ban (cs)
Title
  • Money Supply Growth and Inflation - the Monetary Policy Strategy of the European Central Bank
  • Money Supply Growth and Inflation - the Monetary Policy Strategy of the European Central Bank (en)
  • Růst nabídky peněz a inflace - měnová strategie Evropské centrální banky (cs)
skos:prefLabel
  • Money Supply Growth and Inflation - the Monetary Policy Strategy of the European Central Bank
  • Money Supply Growth and Inflation - the Monetary Policy Strategy of the European Central Bank (en)
  • Růst nabídky peněz a inflace - měnová strategie Evropské centrální banky (cs)
skos:notation
  • RIV/62156489:43110/07:00108922!RIV08-MSM-43110___
http://linked.open.../vavai/riv/strany
  • 57;66
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • Z(MSM6215648904)
http://linked.open...iv/cisloPeriodika
  • 3
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 434916
http://linked.open...ai/riv/idVysledku
  • RIV/62156489:43110/07:00108922
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • monetarism; time series correlation; inflation; ECB; growth rate of the money stock (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • CZ - Česká republika
http://linked.open...ontrolniKodProRIV
  • [38B848806200]
http://linked.open...i/riv/nazevZdroje
  • Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • LV
http://linked.open...iv/tvurceVysledku
  • Kapounek, Svatopluk
  • Lacina, Lubor
http://linked.open...n/vavai/riv/zamer
issn
  • 1211-8516
number of pages
http://localhost/t...ganizacniJednotka
  • 43110
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