Vliv růstu peněžní zásoby na ceny finančních aktiv a spotřebitelskou inflaci v USA, eurozóně a Japonsku v letech 2005–2025

This bachelor's thesis analyzes and compares the transmission dynamics of money supply growth into the prices of selected financial assets - stock indices, gold, the alternative asset Bitcoin, and consumer inflation. The research focuses on the United States, the Eurozone, and Japan over the period 2005–2025. Using Vector Error Correction Models (VECM) and orthogonalized impulse responses, the thesis quantifies the speed and intensity of monetary shocks. The results of the empirical analysis demonstrate the validity of the Cantillon effect and the concept of long-time lags. New liquidity triggers an almost immediate price reaction in investment asset markets, but translates into real consumer inflation with a significant time lag. The comparison reveals that the US economy absorbs monetary shocks the fastest, whereas in Japan, the transmission mechanism is muted and distorted due to a chronic deflationary trap and massive interventions. Furthermore, the thesis identifies Bitcoin as a highly sensitive recipient of dollar liquidity, capable of absorbing monetary expansion faster and more intensely than traditional gold in the modern environment of unconventional monetary policy. The added value of the thesis lies in its up-to-date evaluation of transmission in an era of extreme monetary expansions using models that incorporate cryptocurrencies.