Vliv nabídky peněz na inflaci v eurozóně

Abstract

In the work is analyzed the impact of developments in M3 on inflation in the euro area. Inflation is expressed by the harmonized index of consumer prices and industrial producer price index. The transmission mechanism is reflected by the index of industrial production. The relationships are estimated using a vector error correction model. They are explored in long-term and short-term relationships between variables. The results of the work show that between the inflation, the money supply and industrial production is a long equilibrium, but the return is very slowly. In the long run, inflation is developing in the same direction as the amount of money in circulation. By contrast,the index of industrial production is developing contradictory with the rate of inflation . In the short term, inflation is influenced only by itself. Based on the results of the work, we can confirm monetary-chosen strategy of the European Central Bank, based not only on making monetary, but also for economic analysis.