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Comparison of selected monetary tools of the European central bank and the Federal reserve system
Bartošková, Karolína ; Ševčíková, Michaela (advisor) ; Pfeifer, Lukáš (referee)
The aim of the thesis is to evaluate the use of ordinary and uncommon monetary instruments used by Federal reserve system and European central bank, in focuse reaction of both institutions after the beginning of the financial crisis in 2007. In the introductory part are defined both central banks, described basic principles of monetry policy and and independence of these banks. In the practical part there are analyzed major programs used by central banks and outlined the impact of their action. List of emergency measurement cointains definitiv of costs incurred in the provision of financial assistance. In conclusion, I confirmed that quantitative easing was financed by additional resources created and that the steps of the European Central Bank and the Federal Reserve system have the same character of direct debt financing.
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Relation between central bank independence and accountability by an example of Fed and Czech National Bank
Hýblová, Monika ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
This paper compares economical and political independence to a success rate of monetary policy of national banks, on a case of Fed and the Czech National Bank. Based on my definition of independence and accountability based on literature, I show that price stability defined as a main goal is the key factor. If the goal consists of more indicators, there is space for political pressure and the success rate decreases. Some rate of independence is necessary in order to achieve a healthy economy, however, total independence cannot be the target. Accountability then works towards independence as a system of achieving legitimacy, not as a substitute. Public inflation aversion is also considered as an important factor for achieving price stability.
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Monetary policy of the Federal Reserve during the Great Depression and during the global financial crisis
Hladký, Ján ; Pavlík, Zdeněk (advisor) ; Bolotov, Ilya (referee)
This work addresses the monetary policy of the Federal Reserve System during the Great Depression and during the global financial crisis. It compares it from the perspective of the theory of business cycles of the two prominent schools of economics - the Keynesians and the Austrian School. This work explains the evolution of the Fed as an institution, the development of its monetary instruments, and in particular points to the shifts between various schools. This work offers a better understanding of the issues of state intervention in the economy.
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LIQUIDITY MANAGEMENT PROBLEMS OF FED DURING BANKING PANIC 1929 - 1933
Titze, Miroslav ; Brůna, Karel (advisor) ; Jakl, Jakub (referee)
Main goal of the diploma thesis is to research liquidity management problems of the Federal Reserve System during banking crisis 1929 -- 1933. Monetary policy implementation based on the implicit reserve targeting was not convenient in times of sharp expansion of the demand for reserves. FED was misled by Real-bills and Riefler-Burgess doctrine and considers monetary condition to be easy. Money interest rates responded very moderately to the shortage of the banking system's liquidity. We can find origin of the first quantitative easing in 1932 when FED first bought larger quantities of the government securities. Expansionary monetary policy during the banking crisis 1929 -- 1933 was also potentially limited by the conflict among U.S. financial stability and sustainability of the gold standard.
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The importance of petroleum, ruble and dollar in geoeconomic processes
Sukhoverkhov, Mikhail ; Džbánková, Zuzana (advisor) ; Soukup, Jindřich (referee)
This master thesis deals with a number of international processes in terms of geoeconomics. The main goal of this work is to research the position of dollar, ruble and petroleum in geoeconomic processes. At first goes the analysis of the current condition of the United States dollar, the assessment of exposure level of the system to other countries to establish the real role of the U.S. Federal Reserve. Then goes the analysis of the current status of Russian ruble and the Central Bank of Russian Federation. A large part of the work is devoted to petroleum as a basic raw material at present and its relations to U.S. dollar. At the end is the assessment of the U.S. dollar prospects in the 21 century and possible solutions, which will probably help to eliminate the negative consequences in case of using dollar as the dominant financial system in the world.
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The Great Depression in the USA – process, causes and advice
Dvořák, Jan ; Sirůček, Pavel (advisor) ; Dobrylovský, Jiří (referee)
This Bachelor thesis deals with The Great Depression. The work describes economic and political situation during 20's and 30's of 20th century. First part of this thesis focuses on a time period which led to the eruption of the crisis. Second part solves political actions of Franklin Delano Roosevelt, which were supposed to restore economic situation, and analyzes impact of these actions on economics. The work searches the causes of this crisis and attempts to find a solution on how to prevent before similar crisis in future.
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Monetary policy of the Federal Reserve System in finantial and economic crisis of the 21. century
Zemanová, Lenka ; Houštecký, Martin (advisor) ; Dvořák, Michal (referee)
This bachelor thesis is focused on a monetary policy which was applied by the Federal Reserve System in a period of economic crisis which started in 2007. In the theoretical part of the thesis is mentioned the definition of monetary policy, its tools and facts about the Federal Reserve System. The thesis describes slightly the beginning of a crisis. Then there are described tools, especially tools for providing liquidity to the finantial sector and a communication with public. In a next part of the thesis there is described a quantitative easing, its principles, periods and impacts on a balance sheet of the Federal Reserve System. In the last part, there is analysed the influence of monetary policy on economy of the United States of America.
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Lessons for ECB from the Fed policy with respect to quantitative easing after 2008
Pagáč, Peter ; Babin, Jan (advisor) ; Čermáková, Klára (referee)
This paper is focused on understanding of quantitative easing which was used by Federal Reserve System in order to decrease long-term interest rates. The analysis is mainly focused on connection between an increase in an inflation and an output and the quantitative easing. Analysis is also focused on the so-called "portfolio balance channel" as one of the main potential channels of quantitative easing influence. The paper has validated positive influence on output of U.S. economy. Moreover the paper shows potential effects of this policy in the Eurozone, which is the main goal of this thesis in consideration of its actual applying by the European Central Bank.
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Prediction of impacts of quantitative easing policy in the euro area on the basis of comparison with conditions and impacts of the monetary easing in the USA from 2008 to 2014
Malina, Michal ; Štekláč, Jiří (advisor) ; Ševčíková, Michaela (referee)
The bachelor thesis focuses on quantitative easing policy. There is a theoretical explanation of the transmission mechanism of this non-standard monetary policy tool, including transmission channels through which operates on the economy. There are also discussed attitudes of selected schools of economics towards this tool and monetary policy in general. Next part of thesis analyzes conditions and implementation of quantitative easing in the USA and the euro area. The main goal of this thesis is prediction of impacts of quantitative easing in the euro area on the basis of comparison with conditions and implementation of this policy in the USA. Results of the thesis shows that this policy should have weaker positive effects on the euro area economy than on the US economy and is therefore less appropriate instrument for current conditions in the euro area. The main reason is different distance between the crisis and initiation of quantitative easing in the USA and in the euro area, the economy and financial markets are now in better condition than right after the bankruptcy of Lehman Brothers. Furthermore, the capital market in the euro area is not as important as in the USA.
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Analýza transmisního mechanismu monetární politiky u nestandardních nástrojů v USA od roku 2008 po současnost
Řezníček, Lukáš ; Šimíček, Petr (advisor) ; Štekláč, Jiří (referee)
This bachelor thesis deals with the issue of transmission mechanism in the condition of a financial crisis and primarily focuses on partial analyses of using unconventional tools and their impacts. I have used analysis, comparison a correlation as methodological foundation. On the basis of performed analyses, I have concluded that the laid-out thesis: meeting the objects of a central bank via unconventional policy was verified. The benefit of my work is an overall view on US economy since 2008 to present and a description of its development, including alternative methods of and perspectives.
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