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Vplyv QE Európskej centrálnej banky na profit vybraných komerčných bánk Európskej únie
Humajová, Lenka
The master thesis focuses on the economical development of Europe after the fi-nancial crisis and the steps used by the ECB needed for the recovery of the Europe-an economy. The empirical part analyzes the quantitative easing of the ECB and its delayed impact on inflation. The second part of the empirical master thesis re-searches the quantitative easing of the ECB and its impact on the rentability of commercial banks in the Eurozone (Deutsche Bank, BNP Paribas) and identifies factors with the strongest impact on the chosen commercial banks as well. The rentability analysis of commercial banks and the impact on inflation is made by a regression time-series analysis.
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Nekonvenčné nástroje monetárnej politiky
Štulrajterová, Eva
This Diploma thesis deals with unconventional monetary policy tools, specifically with quantitative easing and its impact on two macroeconomic variables – GDP and inflation. Unconventional monetary policy has been mostly implemented since last financial crisis broke out in 2008 and has replaced the traditional but inefficient interest rate policy because of low interest rate environment. The main aim of the thesis is to evaluate macroeconomic effects of quantitative easing according to previously empirically estimated effects of QE between 2010 and 2018 and to identify the differences of these effects among three concerned economies – the USA, the United Kingdom and Euro area using linear regression. The question of effectiveness of QE’s impact on macroeconomic variables is answered in accordance with the main findings of the thesis and some related recommendations for future implementation of economic policy are made.
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Non-standard Monetary Policy Instruments of Central Banks
Šikulová, Markéta ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Non-standard Monetary Policy Instruments of Central Banks Abstract The aim of this study is to analyze non-standard monetary instruments of central banks and their impact on the example of concrete use of these instruments by the Czech National Bank and the European Central Bank. The first part of this study defines the essence, the implementors, the tasks, and the objectives of the monetary policy. Its tools are also disassembled, both standard and nonstandard. From non-standard instruments, closer attention is paid to the theoretical definition of quantitative easing, negative interest rates and long-term maintenance of the exchange rate commitment. I also deal with the legal anchor, organization, purpose, history, and concept of the monetary policy of two selected central banks, namely the CNB and the ECB. The next part of the study presents the concrete form of non-standard measures used by the CNB and the ECB, it deals with the specific reasons that the central banks led to their implementation, the objectives with which they were adopted and the impact these measures had on the Czech economy and the euro area. Based on the analysis, it is possible to confirm the tested hypothesis that the Czech National Bank and the European Central Bank have succeeded in meeting the objectives set before their...
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The effects of quantitative easing on the USA, Japan, Eurozone and Great Britain
Novoselova, Ksenia ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
This master thesis aims to describe problematics of the effects of unconventional monetary policy, also known as quantitative easing, on economics of USA, Japan, Eurozone and Great Britain, by using empirical analysis of events related to quantitative easing and large BVAR model. In theoretical part of the thesis there are described transmission mechanisms of conventional monetary policy still effective in conditions of interest rates close to zero, as well as channels of unconventional monetary policy. Practical part of the thesis demonstrates analysis of impact of events related to quantitative easing in all the in-scope economics by applying a method of empirical observation of interest rates reactions on every event. Further, based on the received results of the empirical analysis, broader economic effects of quantitative easing are examined by using large BVAR model and afterwards the conclusion is made.
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Kvantitativní uvolňování versus tzv."helicopter money" a jejich účinnost
Pyatova, Victoria ; Šíma, Ondřej (advisor) ; Hába, Stanislav (referee)
The bachelor thesis examines the impact of the Quantitative Easing on the economies such as the USA, the UK, and the Eurozone, it focuses on the economies conditions and structure that determine the size of the effect. As a result, the analysis has shown a limited impact of unconventional monetary policy in the Euro area as the banking sector performs very poorly comparing to the effective implementation in the US and the UK, where the main role of asset allocation was given to financial market. The new concept called the Helicopter Money is introduced in the paper as a new method for Eurozone countries to boost economic development. The advantages and disadvantages of Helicopter Money are broadly discussed by well-known economists as well as the mechanism of its implementation. The macroeconomics models and theories were applied in order to give a closer look at this concept. The author of this paper sees the high potential for the Eurozone in a short and a long-term on condition that the money drop will be supported by corresponsive fiscal policy.
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Business cycle and monetary policy: a modern Austrian approach
Komrska, Martin ; Chytil, Zdeněk (advisor) ; Zamrazilová, Eva (referee) ; Kadrmas, Tomáš (referee)
This dissertation presents the results of research focused on the Austrian business cycle theory (ABCT). The main part of the thesis is an econometrical test of five predictions based on ABCT. I used data on the US economy for period 1967 - 2016, which is the longest time period covered in the Austrian empirical literature so far. Since one of the most important variables for ABCT is so called interest rate gap (the difference between market interest rate and natural interest rate), I use three alternative models of this variable. The results of my empirical tests predominantly confirm theoretical predictions of ABCT. It can be shown that the interest rate gap influenced the relative structure of economic activity and resource allocation in a way predicted by ABCT. I also investigate whether the interest rate gap does have a significant impact on stock market valuations (in terms of aggregate level or relative structure), although the results are mostly statistically insignificant. In addition I also described several possible new distortions which may emerge due to unconventional monetary policy. I argue that these distortions should be of primary interest for researchers engaged in the Austrian research program. I devoted special attention to the specifics of monetary policy regime in Japan, where the Bank of Japan regularly intervenes on the stock market. Another theoretical contribution can be found in the second chapter where I respond to the White's (1999) claim that Hayek implicitly repudiated his own version of ABCT in later part of his career, when proposing free competition in money production. I attempt to show that White's conclusion stems from an inadequate interpretation of Hayek's writings. Finally I provide an alternative interpretation of Hayek's work that reveals the compatibility of his early and late theoretical contributions.
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Relation between central bank independence and accountability at the example of quantitative easing of the ECB and the Fed in 2005 - 2016
Pýchová, Jitka ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
The thesis deals with relation between central bank independence and accountability. The relation is examined on example of quantitative easing implemented in the period 2005 - 2016 by the European central bank and the Federal Reserve System. From the theoretical and practical point of view the thesis proves that the relation between central bank independence and accountability are influenced by the specification of targets of monetary policy to a great extent. The thesis also proves that the specific definition of both central bank independence and accountability influenced the characteristics of quantitative resp. credit easing. Moreover, such monetary policy can potentially endanger the independence of both central banks in many ways. Thus, the implementation of quantitative easing itself and its potential consequences evidences that the contemporary conception of central bank independence and accountability is insufficient and needs to be reviewed.
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The impact of quantitative easing on fiscal restriction of Greece government
Šanda, Jan ; Young, Mitchell (advisor) ; Karasová, Nikola (referee)
This bachalor thesis deals with quantitative easing of the European central bank and its impact on fiscal restriction of Greece government. The analysis is divided into four main parts. The first one focuses on the EMU institutional framework, especially in relation to the fiscal policies of member states. The second chapter deals with European central bank and quantitative easing on general level and also in relation with the last economic crises. Third chapter examines the interaction between monetary and fiscal policy and the last chapter is devoted to the evaluation of Greece fiscal policy and the impact which quantitative easing may have on it. Results of this thesis suggest that quantitative easing have an impact on fiscal policies of EMU member states. However, taking current situation of Greece state financing into consideration, this is not the case in Greece.
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Monetary Transmission Mechanism: A Closer Look Inside the Black Box
Dvořák, Martin ; Vácha, Lukáš (advisor) ; Lypko, Vyacheslav (referee)
The recent economic and financial turmoil has led central banks around the world to heavily utilize unconventional monetary policy measures. Unconventional in this sense means a deflection from traditional central bank policy measures, i.e. interest rate innovations. Although these measures were widely discussed, the uniformed, coherent and comprehensive framework of such measures is still missing. The aim of this thesis is to establish the framework for possible classification of such policies together with transmission channels to the real economy. The empirical part examines the impacts of unconventional policies on real data using vector autoregression and vector error correction models. This analysis is based on monthly data period between 1999 and 2013, which is strongly affected by implementation of the unconventional policies in its second half. The last section examines the possible future of these policies as a normal instrument of central banks and describes their main challenges and shortcomings. JEL classification: C32, E40, E44, E50, E52, E58, E60 Keywords: Unconventional monetary policy, Interest rate, Decoupling principle, Balance sheet policy stratification, Quantitative easing, Channels of transmission, Vector Autoregression, Vector error correction model Author's e-mail:...
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