Inflace a monetární politika ve vybraných zemích vně a uvnitř eurozóny

This master's thesis focuses on inflation and monetary policy in selected countries inside and outside the eurozone. Based on ex-post real interest rates, the Czech Republic and Hungary were chosen as countries outside the eurozone, while Germany and Estonia were selected as countries within the eurozone. The aim of the study was to examine inflation developments in these countries and compare their monetary policies to determine the impact of different central bank monetary strategies on maintaining price stability during periods of high inflation. The research includes an analysis of macroeconomic data and a comparison of factors such as base interest rates, deposit rates, lending rates, mortgage rates, and the M2 money aggregate. The findings suggest that central banks in selected non-eurozone countries were able to respond more quickly and confidently to crisis situations, and inflation targeting was successful in the long term. Although Germany was the most successful, it was found that adopting the euro may not be the best choice for small countries, as they lose their independent monetary policy in favor of the ECB. Estonia, which was unable to ensure price stability, is an example of a country that has suffered from this loss of independence.