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The demand for money represents one of the most important components of the transmission mechanism. Its analysis plays an important role in the decision-making process of central banks dealing with monetary policies. This paper follows a post-Keynesian approach to the analysis of the demand for money. The econometric analysis is based on the Arestis's model, adjusted for the conditions of the Czech Republic. The cointegration analysis on the basis of both the VAR and ADL models is applied. The premise is confirmed that the demand for money in the Czech Republic from 1994 - 2000 had developed in the long-run mostly under the influence of GDP and interest rate development. This conclusion is valid for balances in both real and nominal money.

Selected factors influencing the money demand development in the czech republic in 1994 - 2000