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National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
The Great Inflation of the 1970s and it's impact on the contemporary FED
 Hornát, Filip ; Zukerstein, Jaroslav (advisor) ; Fiřtová, Magdalena (referee)
This paper deals with the period of the 1970s Great Inflation in the United States and its impact on the present Federal Reserve System. The seventies after the oil shock were in the United States a period of the so-called stagflation, a mix of high inflation, high unemployment and economic stagnation, or recession. The role of the Fed in this era is discussed. The main thesis of this paper is that the Fed during the Great Inflation has changed markedly, with the basic goals and approaches remaining at the Fed till nowadays. An analysis of the period is made. The author concludes that the period of the Great Inflation really had a major impact on the transformation of the Fed, which more closely resembles its present form than in the post-war era.
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The Cause of the economic recessions of the 1970s in the U.S.: Oil shocks, or monetary policy?
 Hornát, Filip ; Potužák, Pavel (advisor) ; Mirvald, Michal (referee)
This paper examines the cause of the U.S. economic downturn of the 1970s, which is still widely discussed by economists. In principle, the previous research has led to two possible explanations: an incorrect monetary policy of the Federal reserve and oil shocks. First, the historical context of the oil shocks and the Feds conduct of monetary policy are outlined. Next, arguments of the authors advocating each explanation are presented. An empirical VAR model is estimated for the period 1960-2014 and then for single periods. Based on these estimates, it is evident that the impact of monetary policy and oil shocks has been changing over the observed period. The author comes to a conclusion that the first oil shock could have caused the subsequent economic downturn. However, monetary policy seems to have caused the downturns after the second oil shock.
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