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Poptávka po penìzích v Èeské republice (M1)

Author

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  • Mrtin Melecký

Abstract

Cílem práce je odhadnout a vyšetøit dlouhodobý vztah mezi penìžní zásobou M1, cenovou hladinou, výstupem a alternativními náklady držby penìz a to, zda lze tento vztah - v pøípadì, že existuje - interpretovat ve smyslu dlouhodobé poptávky po penìzích. Práce využívá pøi odhadu Johansenovu vícerovnicovou kointegraèní techniku. Z tohoto odhadu vyplývá, že není možné postulovat jednotkovou elasticitu cenové hladiny ani v dlouhém, ani v krátkém období, a že tudíž není efektivní odhadovat poptávku po reálných penìžních zùstatcích. Na druhé stranì lze pøijmout pøedpoklad jednotkové elasticity škálové velièiny, což je v souladu s kvantitativní teorií. Dynamika vývoje penìžní zásoby, výstupu a alternativních nákladù držby penìz významnì eliminuje dlouhodobou nerovnováhu, a proto mùžeme tyto velièiny oznaèit za endogenní. Vliv nerovnováhy na trhu penìz nemá signifikantní vliv na cenovou dynamiku, což poukazuje na slabou exogenitu cenové hladiny.

Suggested Citation

  • Mrtin Melecký, 2002. "Poptávka po penìzích v Èeské republice (M1)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 52(3), pages 76-89, March.
    • Handle: RePEc:fau:fauart:v:52:y:2002:i:3:p:76-89
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    References listed on IDEAS

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    More about this item

    Keywords

    poptávka po penìzích; kointegrace; model error-correction; alternativní náklady držby penìz; dlouhé a krátké období;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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