Acta academica karviniensia 2012, 12(4):5-14 | DOI: 10.25142/aak.2012.053

NASTAVENÍ MĚNOVĚ-POLITICKÝCH SAZEB VE VZTAHU K ÚVĚROVÉ A EKONOMICKÉ AKTIVITĚ

Bohuslav Čížek
Ing. Bohuslav Čížek, Doktorand Katedra ekonomických teorií, Provozně ekonomická fakulta, Česká zemědělská univerzita v Praze, Kamýcká 129, 165 00 Praha - Suchdol, Tel.: 728 424 537, slavek.cizek@seznam.cz

This article deals with interest rates set up by the CNB and their relation to loan and economic activity. It shows complexity of economic systems where simple comparisons may give various numbers but principles stay the same. We have to take into account factors like economic stability, overall economic performance, sentiment and expectations. The monetary policy interest rates are not the only factor but definitely they have some power in the direction which is in line with basic economic laws and there are no data, logics, or nexuses denying this fact. The article comes to the conclusion that the Czech monetary policy is quite systematic and we cannot definitely talk only about the "interest rates - loans - economic activity" channel but it also works in an opposite direction, where the ČNB reflects economic activity in its decision making process when setting the interest rates.

Keywords: monetary policy, inflation targeting, loans, economic aktivity
JEL classification: E42, E52

Published: December 30, 2012  Show citation

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Čížek B. NASTAVENÍ MĚNOVĚ-POLITICKÝCH SAZEB VE VZTAHU K ÚVĚROVÉ A EKONOMICKÉ AKTIVITĚ. Acta academica karviniensia. 2012;12(4):5-14. doi: 10.25142/aak.2012.053.
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