Nástroje monetární politiky České národní banky a jejich vliv na hypoteční trh a dostupnost bydlení v České republice v letech 2008-2022

This bachelor’s thesis examines how the monetary policy instruments of the Czech National Bank are transmitted to the mortgage market and residential property prices in the Czech Republic over the period 2008–2024. The theoretical section defines monetary policy instruments, policy objectives, and the transmission mechanism, including its specific features within the real estate market. The empirical section employs descriptive analysis, regression models, lag analysis, a VAR model, impulse response functions, Granger causality tests, and the BSADF test to quantify the relationships between the repo rate, mortgage rates, the volume of new mortgage loans, and property prices. The results demonstrate statistically significant transmission linkages between monetary policy and the mortgage market and confirm that changes in the CNB’s interest rates are passed through to mortgage rates as well as to lending activity. The analysis also identifies episodes of price growth that exhibit characteristics consistent with speculative bubbles. The thesis summarizes the effects of transmission channels and discusses factors influencing mortgage accessibility in the Czech Republic.