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Účinnost kvantitativního uvolňování v eurozoně
Škrášek, Filip
The thesis examines an impact of quantitative easing in Euro area. European central bank conducted unconventional monetary policy in reaction to global financial crisis’ aftermath. Quantitative easing, arguably the most controversial measure, is aimed to provide commercial banks with excessive liquidity and subsequently persuade an increase in provided loans and thus stimulate GDP. The thesis links to previous literature on quantitative easing effect with up-to-date dataset and examines the impact of quantitative easing through bank lending channel. The thesis identifies and describes heterogeneity of quantitative easing’s effect among Euro area countries.
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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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Inflation targeting in an environment of deflationary pressures
Krupička, Josef ; Koderová, Jitka (advisor) ; Revenda, Zbyněk (referee)
This research paper on monetary policy focuses on strategy of inflation targeting and its modification in an environment of deflationary pressures. Focus of this paper is based on three main points that correspond to the content of individual chapters. The first point is a theoretical analysis of the main attributes of inflation targeting with emphasis on analysis of the functioning of the transmission channels. The second point is an analysis of implementation of this strategy in the Czech National Bank and in the Reserve Bank of New Zealand. In this point separate analysis was made of the development of inflation targeting and transformation of relationship between macroeconomic variables in transmission mechanism. The third point then debates the modification of monetary policy instruments in the context of inflation targeting adopted by the Czech National Bank, with an emphasis on the introduction of exchange rate commitment. Throughout the work are used simple methods for analysis with further emphasis on the actuality. The conclusion summarizes the findings and evaluates the modification of the inflation targeting strategy as a positive phenomenon in the context of evolution of monetary policy.
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Vliv korupce a demokracie na ekonomický růst
Rais, Jonáš ; Svoboda, Miroslav (advisor) ; Bartoň, Petr (referee)
This paper analyses the effects of corruption and democracy on economic growth. Corruption is found to have significant negative effect on growth. Substantial part of the corruptions' effect is caused through corruption's transmission channels. More precisely, corruption is found to negatively affect investments, schooling, trade openness and positively affect inflation and political instability. Those effects are somewhat dampened by corruption's negative impact on government spending. Furthermore, while democracy is found to have no direct impact on growth, corruption is found to be more detrimental to growth in countries with autocratic regimes rather than in democracies. Democracy thus has mitigative effect on corruption.
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