Arlt, Josef; Mandel, Martin - In: Prague Economic Papers 2014 (2014) 3, pp. 269-289
of four explanatory variables: yearly infl ation rate, exchange rate, ECB main refi nancing rate and growth rate of M2 …. The annualized infl ation rate proved to be statistically insignifi cant in the model. We fi nd interesting that the … statistical quality of the estimated model was further increased after a six-month lag of the annual infl ation rate added to the …