Politická ekonomie 2001, 49(3) | DOI: 10.18267/j.polek.314

Monetaristický pohled na vývoj české ekonomiky

Jan Kubíček

Monetarist view at development of the czech economy

The paper examines whether basic monetarist conclusions can be used for explaining the devolopmnet of the Czech economy in the late nineties. Firstly velocity of money is empirically documented and classical quantity equation is applied while using redefined monetary aggregates. It is found that neither the velocity of money nor the character of inflation in the Czech Republic is in contradiction with monetarist theory. Relationship between M1 and M2 on one side and domestic demand on the other is examined in more detail on quarterly data. Influence of the interest rates and unemployment is included in the analysis. Finally simple models of trade and of nominal product are presented and the problem of division of nominal changes between inflation and real changes is shortly mentioned.

Keywords: inflation, interest rates, business cycle, monetarism, monetary aggregates

Published: June 1, 2001  Show citation

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Kubíček, J. (2001). Monetarist view at development of the czech economy. Politická ekonomie, 49(3), . doi: 10.18267/j.polek.314
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