文章基本信息

标题：The Impact of the European Central Bank’s Interest Rates on Investments in the Euro Area
其他标题：Wpływ stóp procentowych banku centralnego na inwestycje w strefie euro
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作者：Joanna Stawska ; Katarzyna Miszczyńska
期刊名称：Gospodarka Narodowa
印刷版ISSN：2300-5238
出版年度：2017
卷号：291
期号：5
页码：51-72
DOI：10.33119/GN/100736
出版社：Warsaw School of Economics
摘要：The main objective of this paper is to examine the impact of the central bank’s interest rates on investments in the euro area.The results of the analysis indicate that in 1999-2016 the European Central Bank’s main interest rate lagged by two quarters had an inversely proportionally and statistically significant influence on the level of investment outlays in the euro area.The disturbances that euro-area economies were experiencing in the analysis period due to the recent financial crisis considerably weakened the monetary policy’s effect on the real economy.However, the relationship between the ECB’s main interest rate and investment outlays was statistically significant, implying that the interest rate played a role in the central bank’s influence on investments.
关键词：central bank; interest rate; investments; euro area; VAR