|
|
Unconvential monetary policy adopted by ECB and FED in 2008-2015
Pörner, Marek ; Šetková, Lenka (advisor) ; Ševčíková, Michaela (referee)
The main aim of this thesis is to analyse the accomplishment of the goals set, namely those of the selected unconventional monetary policies approved by the Federal Reserve System and the European Central Bank in response to the last financial crisis. With the FED the attention is focused on Quantitative Easing, whereas with the ECB it is focused on the programmes called Enhanced Credit Support, SMP, OMT and EAPP. Important parts of this thesis are also the explanation of the transmission mechanism of the unconventional monetary policy, the evaluation of macroeconomic impacts of these non-standard tools, the comparison of procedures of the two monitored central banks, but mainly the analysis of selected risks related to those tools. The principal method was an empirical analysis supported by economic studies dealing with the issues mentioned above. In the thesis it was discovered that the individual goals of the monitored programmes were achieved (with the exception of the SMP). With the programme EAPP no conlusion can be drawn because the programme has not been finished yet. Nevertheless, these non-standard tools bring certain risks such as a creation of a bubble in the markets of assets, a redistribution of wealth, a spillover effect, etc. For that reason it will be possible to evaluate the overall effect of the unconventional monetary policies only after a longer time period.
|
|
|
Analysis of the labour force as a factor of competitiveness of the national economy in the period 2000-2014
Vejsada, Tomáš ; Vostrovská, Zdenka (advisor) ; Šetková, Lenka (referee)
The aim of this bachelor thesis is to analyze labourforce as a factor of competitiveness of the national economy in the years 2000-2014. The thesis is divided into two parts. The first part of thesis deals with the theretical definition of the concept of competitiveness of the national economy. On that background the labourforce determinants are analysed in chosen economies of central Europe- Czech republic, Austria, Slovakia and Poland in the second part of this thesis. It turns that key importance for increasing competitiveness in domain of labourforce has education. Here, the Czech republic has also the biggest opportunities to improve.
|
|
|
Unconventional monetary tools adopted by ECB and FED from 2008 until 2014
Šetková, Lenka ; Hnát, Pavel (advisor) ; Clayes, Peter (referee)
Both the ECB and the Fed implemented various unconventional measures in response to the last crisis. While the ECB's policies were based on direct lending to banks, the FED adopted large-scale asset purchases. According to the empirical evidence these policies had economically beneficial effects in the US and the Eurozone but these measures have also certain spillovers which scope and exact impacts are quite difficult to estimate. There have been already many papers focusing on cross-border impacts of the FED's policies, but far less studied the spillovers of the ECB's policies. This work provides a theoretical background concerning the unconventional monetary policies implemented by the ECB and the FED after 2008 and analyse the impacts of ECB's policies on six particular countries outside euro area. The Impulse Responses of output, inflation, domestic interest rate and exchange rate are analyzed via block-restricted VAR model. My results confirm that euro area monetary policy does have an impact on non-euro area countries, although the response of macroeconomic variables in analysed countries are heterogeneous and also differ in the period before and after September 2008. Countries seem to be indeed affected more by conventional monetary policies until September 2008, but the euro-area monetary policy spills over via unconventional policies after September 2008. Overall, the ECB's policies affect economic activity outside euro area, but does not have significant impact on inflation. Furthermore, the exchange rate just initially drops in response to monetary tightening, but this reaction usually does not last for more than four months.
|
|
|
Neuromarketing and it´s application when working with Mary Kay.
Šetková, Lenka ; Chylíková, Hana (advisor) ; Steinerová, Karolína (referee)
This thesis introduces neuromarketing as a new form of highly effective marketing. Theoretical part describes the selected tools for measuring brain's activity, fundamental terms in neuromarketing, mirrors neurons, soma markers. Mentioned are also subliminal messages. Further, attention is paid to describe some of the differences between male and female brain. Practical part of this thesis introduces the company and brand Mary Kay, including global marketing activities. Then, it contains analysis of brand positioning on the Czech market, evaluating of the current marketing activities of Independent Beauty Consultant and a proposal for improvement (of marketing activities) and increase in sales volume.
|
guest ::
RSS feed.