EN
The impact of the broad monetary aggregates on the decrease of money velocity, inflation and real GDP in the USA (1960 – 2007), Eurozone (1991 – 2007), Japan (1960 – 2007), Great Britain (1987 – 2007) and the Czech Republic (1993 – 2007) has been analysed. In all countries the growth of the broad monetary aggregate resulted in higher inflation and higher real GDP in relation approximately 1 : 1. The broad money velocity has rapidly lowered in Eurozone, Japan, Great Britain and the Czech Republic. In the USA the broad money velocity lowered only slightly and the decrease was more volatile over time. Thus in countries with the exception of the USA there was strong negative correlation between (i) 1-year lagged monetary aggregates and (ii) consumer price index and real GDP.