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Impacts of monetary policy of the ECB on the financial stability of individual eurozone countries
Bohatec, Martin ; Pfeifer, Lukáš (advisor) ; Štěpánek, Pavel (referee)
This work makes an effort to find main causes of recent crisis in the countries of Eurozone with regard to Austrian Business Cycle Theory. This work stands critical towards integrated monetary policy of the European Central Bank which through unitary interest rate for heterogenous economics facilitated excessive amount of loans for countries like Spain or Irleand, which according to Austrian theory led into economic recession. Chosen countries are subjected to closer analysis of economic indicators for entire period in the monetary union.
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Issues of Quantitative Easing
Šimíček, Petr ; Ježek, Tomáš (advisor) ; Munzi, Tomáš (referee)
The purpose of this paper is to evaluate the effects of the non-standard instrument of the monetary policy -- quantitative easing (QE) on the economies of the countries (or currency unions) that use this policy (Japan, USA, United Kingdom, eurozone). This paper pays attention at the QE mechanism description and its macroeconomic context, especially connection of QE with financial markets and real economy. It is shown a wide range of possible impacts on GDP, inflation, commodities, financial assets, financial system stability and expectations within the transmission mechanism. Newest data (2012), studies and paradigms of short run macroeconomics (especially Austrian business cycle theory, new Keynesian economics and real business cycle theory) are used.
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Comparation of the monetary policy of FED and ECB during financial crisis
Mařáček, Tomáš ; Pavlík, Zdeněk (advisor) ; Rotecker, Johannes (referee)
This work examines monetary policy of the Federal Reserve and the European Central Bank during financial crisis from the year of 2007 to the year of 2009. It compares both conventional and unconventional measures of these central banks taken to tackle the financial crisis.In the case of FED, it describes the policy of various targeted instruments and the quantitative eaing. In the case of ECB, it concentrates mainly on LTRO and fixed rate/full allotment tenders.
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Deflation: the Austrian School Perspective
Řepík, Martin ; Havel, Jan (advisor) ; Chytil, Zdeněk (referee)
Deflation, today understood mainly as a decrease in price level, is in the eyes of the mainstream economists the threat and danger of the economic development. This view is based on the experience from the Economic Crisis between 1929 and 1933 and later development in Japan. Therefore, the price stability is nowadays comprehended as a non decline in price index; monetary policy actually states the sustainable increase as a goal. The Austrian School of Economics uses the original definition of the words inflation and deflation and defines them as the increase and decrease of money supply. Modern interpretation of these terms means for them a dangerous misunderstanding whose result is misapprehension of causal connections between individual phenomena. This leads not only to incorrect conclusions but, above all, to disruption of the economic system, price and production structure, and development of economic cycles caused by artificial increase in money supply, which brings profit to certain groups.
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Měnová politika v meziválečném Československu
Vít, Martin ; Szobi, Pavel (advisor) ; Soběhart, Radek (referee)
The diploma work charts the evolution of monetary policy of interwar Czechoslovakia in the context of development of domestic economy. It puts emphasis on the foreign relationships. The most important sources are materials from the archives of Czech National Bank and articles of foreign authors. The goal of work is to evaluate our monetary policy from several perspectives, such as the adequacy of the then economic situation, the impact of decisions of monetary authorities on individual national economic entities, and finally determining the most important persons of Czechoslovak monetary policy.
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