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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 Macroeconomic Impacts of the Selected Oil Shocks in the United States of America
Šikulová, Markéta ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The aim of this study is to analyze macroeconomic impacts of four selected oil shocks on the United States economy and their subsequent comparison. The first part of this study deals with the theoretical background of supply shock, its influence on the economy, and the possible responses of economic policy. Furthermore, in the first part I focus on the historical events that led to the oil crisis, specifically on the OPEC oil embargo imposed on the United States, production cuts caused by the Iranian revolution, Iran-Iraq War and Persian Gulf War and on the demand as well as the supply factors that led to the oil shock of 2007-2008. The second part of this study presents the specific impacts of four selected oil shocks on the US economy and their comparison. Based on the findings, it was possible to confirm the hypothesis saying that past oil shocks, especially those that took place in the 1970's, had more negative impacts on the United States economy in comparison with those that happened more recently. In other words, that the effects of changes in oil prices have lessened over time. There are many reasons of this moderation, but the most important ones include more effective monetary policy response, the decrease in wage rigidities, and more recently also the decline of United States dependency on imported oil.
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