Stopa procentowa jako narzędzie kształtowania koniunktury w monetarystycznej teorii cyklu koniunkturalnego
Streszczenie
The aim of this article is empirical verification of monetary theory of business cycle. The
article consists of two parts: theoretical and empirical. The first part describes briefly causes of
economic fluctuations and the role of interest rate based on monetary theory of business cycle. The
empirical part of the paper investigates relations between the level of economic activity and real
interest rate for Irish economy in 1999–2011. The main findings are in line with the thesis of
monetary theory of business cycle that there is quite significant response of economic activity with
respect to changes in the level of real interest rate.