Wpływ zmian stopy procentowej EBC na inflację i aktywność gospodarczą strefy euro – weryfikacja za pomocą modelu autoregresji wektorowej (VAR)

Abstract

This article was provided a comparison the effects of changes in official ECB interest rates on inflation and economic activity of the euro area economy in the period before the global financial crisis and taking into account the period of crisis. Results from the studies showed different response of key macroeconomic variables to interest rate shocks in the years 1998–2007 and in the period 1998–2012. The explanation for this phenomenon may reflect the fact that the importance of the interest rate channel in the transmission mechanism of monetary policy the ECB was weakened during the crisis and increased the importance of other factors in the development of the real economy processes, such as inflation expectations.