Парична политика в страните от ЕС – генератор на инфлация и/или растеж?
Monetary Policy in EU Countries – Inflation and/or Growth Generator

Author(s): Milena Kovachevich
Subject(s): Politics / Political Sciences, Politics, Economy, Law, Constitution, Jurisprudence, National Economy, Business Economy / Management, Economic policy, EU-Accession / EU-DEvelopment, Public Finances, Socio-Economic Research, EU-Legislation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Inflation; growth; monetary policy; cointegration analysis
Summary/Abstract: Over the past almost two decades, expansionary monetary policy has been increasingly used both during and after the onset of crises of various natures. Although, according to the theory, in the long term the use of monetary policy instruments does not lead to stimulating the economy and increasing growth, the countries in the EU, and more specifically in the Euro area, have systematically implemented a growth-stimulating monetary policy after 2008. Through the prism of cointegration analysis, the study reveals whether there is a long-run relationship between economic growth and money supply and/or whether such a relationship exists between money supply and inflation.

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