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Comparison of Monetary Policy in Case of FED and ECB
 Ptáčník, Václav
The purpose of the thesis is to assess the impact of monetary policy upon economic performance in the euro area and The United States. The research focuses on differences in responsiveness of real output of economies on money supply and real interest Rate. The responsiveness is examined using Granger causality. The thesis proves whether money supply and real interest rate granger causes real output in the United States and euro area. Also monetary policy itself is described and compared using structural breaks in time series, Taylor rule, Galí rule and Mankiw rule. The empirical results are compared to each other and indicate that there has been differences in performing monetary policy in the United States and euro area; nevertheless responsiveness on monetary policy is in both economies very similar.
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