Politická ekonomie 2018, 66(2):201-217 | DOI: 10.18267/j.polek.1184

Investice v transmisním mechanismu cílování inflace verifikace zdrojů variability investic v České republice

Lukáš Kučera
Lukáš Kučera (xkucl21@vse.cz), Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví

Investment in the Transmission Mechanism of Inflation Targeting - Verification of Sources of Investment Variability in the Czech Republic

The paper is devoted to the topic of investment with emphasis on their position within the transmission mechanism of inflation targeting. It briefly discusses starting-points of inflation targeting regime, individual transmission channels of monetary policy, and routes through which the central bank may influence the investment. There are mentioned selected investment theories. Other factors, whose changes may induce changes in investment, are derived using these theories. Using available data, sources of investment variability are verified for the Czech Republic. Correlation analysis is performed and the vector error correction model is compiled. It seems that rise of aggregate demand is transformed into rise of investment. Similarly in case of asset prices. Appreciation of CZK is reflected in decline of investment. All three relations are consistent with the theory. On the contrary, sensitivity of investment to changes in market expected real interest rates is not clear.

Keywords: investment, monetary policy, inflation targeting, interest rate, correlation, vector error correction model
JEL classification: C32, E22, E43, E52

Accepted: March 7, 2018; Published: April 1, 2018  Show citation

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Kučera, L. (2018). Investment in the Transmission Mechanism of Inflation Targeting - Verification of Sources of Investment Variability in the Czech Republic. Politická ekonomie, 66(2), 201-217. doi: 10.18267/j.polek.1184
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