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National Repository of Grey Literature 1 records found  Search took 0.00 seconds. 
What is the Effect of Money Supply Changes to the Real Economy of the Czech Republic?
 Trnková, Adéla ; Potužák, Pavel (advisor) ; Kadeřábková, Božena (referee)
The thesis analyses in detail the relationship between the money stock defined by money aggregates M1 and M2 and the real GDP in the Czech Republic for period between 1996 and 2015. A long-term relationship between the real GDP and the money aggregate is not found using quarterly time series data. These conclusions are in accordance with the economic theory which does not confirm that money affects level of the real GDP in the long run. Short-term relationship between given variables is also analysed. Results indicate that the growth rate of the money aggregate M1 statistically significantly affects the growth rate of the real GDP in the same direction which is in line with monetary theories of business cycle. On the other hand, any statistically significant relationship for the money aggregate M2 is not found which speaks in favour of the Real Business Cycle theory. The Policy Ineffectiveness Proposition accepted by New Classical Macroeconomists is also tested in the thesis. The issue is investigated for the whole period and subsequently for shorter time from 2000 to 2015 where the uniform monetary policy is applied. Results for the money aggregate M1 imply that expected changes in the growth rate of M1 play important role in the money-output relationship which is consistent with the New Keynesian Macroeconomic theory. Considering the shorter period of time, Lucas' theory seems to be more appropriate explanation. Outcomes for the aggregate M2 provide mixed conclusions which support rather the Real Business Cycle theory. At the end of the thesis, there is a section devoted to the quasi money (one of M2 aggregate components) as a possible source of mixed results.
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