IDEAS home Printed from https://ideas.repec.org/a/prg/jnlpol/v1998y1998i1id216.html
   My bibliography  Save this article

Řízení peněžní zásoby pomocí úrokové sazby
[Money supply management through the interest rate mechanism]

Author

Listed:
  • Jan Kodera
  • Martin Mandel

Abstract

At the beginning of 1996 the ČNB changed money supply management. The transition was from a monetary base regulation towards control of short-interest rate of inter banking market PRIBOR 1 week. While monetary regulation base mainly results in changes of the monetary supply, the transition mechanism based on control of short interest rate influences both monetary supply and monetary demand. The monetary transition interest rate mechanism raises three questions: Does exist a perfect control of REPO? Is real a perfect connection between REPO a PRIBOR? How an interest rate influence credit market? These problems are analysed in the text. The last two parts of the article are dedicated to empirical estimates of adjustment of Pool model done by Pierce. The model can be used as a tool for decision between monetary base and interest rate.

Suggested Citation

  • Jan Kodera & Martin Mandel, 1998. "Řízení peněžní zásoby pomocí úrokové sazby
    [Money supply management through the interest rate mechanism]
    ," Politická ekonomie, University of Economics, Prague, vol. 1998(1).
  • Handle: RePEc:prg:jnlpol:v:1998:y:1998:i:1:id:216
    as

    Download full text from publisher

    File URL: http://www.vse.cz/polek/216
    Download Restriction: free of charge

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlpol:v:1998:y:1998:i:1:id:216. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Frantisek Sokolovsky). General contact details of provider: http://edirc.repec.org/data/uevsecz.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.