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Monetární transmisní mechanismy v zemích střední a východní Evropy
Horká, Eliška
The master thesis evaluates similarity of transmission mechanisms of the CEE countries and the Euro zone. Comparison of transmission mechanisms is conducted using VAR model and impulse response functions of main economic variables to an unexpected monetary policy tightening. An unexpected rise in interest rates is followed by a fall in output, other reactions usually differ for CEECs and the Euro zone members. The price puzzle still occurs in the CEE economies. Different reactions are reason for careful consideration of the Euro adoption.
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Monetární politika ČNB v prostředí nízkých úrokových sazeb
Naš, Ondřej
Diploma thesis deals with evaluating effectiveness of CNB monetary policy in a low interest rate environment. First part of the thesis focuses on identification of monetary policy transmission channels and alternative monetary practices rec-ommended for use in a low inflation environment. Next part of the thesis focuses on qualitative analysis of the impacts of CNB monetary policy between years 2008 to 2015 on inflation rate. These impacts are then quantified by correlation and regression analysis. Based on results of qualitative and quantitative analysis it was concluded, that the effectiveness of CNB policy was low, due to inefficiencies in transmission mechanism and high dependence on foreign economic develop-ment. Based on the conclusion, a recommendations for future monetary policy were made.
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Importance of reference interest rates and LIBOR manipulation
Kolář, Petr ; Vejmělek, Jan (advisor) ; Šíma, Ondřej (referee)
This diploma thesis is focused on a role of reference interest rates in developed market economies. There are described interest rate transmission mechanism and discussed factors, which led to manipulation of the LIBOR. How the manipulation was done and what reactions of supervisory authorities it induced. There are also listed proposed recommendations to ensure transparent reference indicators. This work also includes analysis of reference interest rates used in the Czech Republic. At the end of the thesis can be found application of a reference rate fixing process in a game theory model as well as application of Benford´s law as an indicator of the manipulation.
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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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Monetary policy in Russian Federation
Bryntsev, Maksim ; Soukup, Jindřich (advisor) ; Krameš, Jaroslav (referee)
The aim of the thesis is to analyze and to explain monetary policy of Russian central bank and to determine its specific characteristics during 2010 -- 2014 as well as to describe its main instruments, goals, models and methods of regulation. First of all, the author will introduce common problems of monetary policy and there will be described general theoretical aspects of monetary policy functioning as well as impacts of monetary measures in open economy with different regimes of exchange policy and capital mobility. Further, there will be described instruments and transmission mechanism of monetary policy. The author will try to describe conditions of monetary policy realization, which have an impact on the direction of Bank of Russia measures, within the analytical part. The author will describe instruments that are characteristic for Russian central bank and foreign exchange policy, which are important for prediction of impact from monetary actions. At the end of the thesis the author will try to estimate an efficiency of monetary policy with the comparison of reality and the prognoses of Bank of Russia.
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Nezávislost přijímání monetárních opatření ČNB na monetární politice ECB
Opletalová, Marcela
The diploma thesis deals with the independence of monetary policy of the Czech National Bank on the monetary policy of the European Central Bank. The content of thesis is to allocate and subsequently analyze zones in which foreign monetary policy can influence and restrict realization of monetary policy in small open economy. The aim of thesis is to assess extent of dependency of decision making process of monetary policy CNB on monetary policy ECB. Conclusion and recommendations are formulated based on the results obtained of qualitative and quantitative analysis and comparison of particular monetary indicators.
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Citlivost přizpůsobení bankovních úrokových sazeb měnové politice ČNB
Herbrych, Martin
This thesis examines the sensitivity of bank interest rates to changes in in-terest rates CNB's monetary policy in the context of interest rate transmission mechanism. For this reason, emphasis was focused on the functioning of a basic form of transmission mechanism and theoretical approaches to economic trends . Further determinants of bank interest rates were indetified and further described the issue of heterogeneity in the transmission of interest rates. In the practical part the author of the work focused on examining the sensitivity with which bank in adjusting their interest rates on newly granted mortgage loans to changes in short-term interest rates in the interbank market. The observed heterogeneity was further examined in relation to the factors of concentration, market power, liquidity, capital adequacy and credit risks that have been identified on the basis of empirical studies Sorenson and Werner (2006 ). With the help of correlation analysis it was concluded that banks react heterogeneous manner even within homogeneous groups where banks have a large degree of simi-larity.
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Econometric analysis of transmission mechanism in CZ
Plechatá, Zuzana ; Hušek, Roman (advisor) ; Formánek, Tomáš (referee)
This diploma thesis presents results of analysis of monetary policy transmission mechanism in the Czech Republic employing the vector autoregressive (VAR) models. The responsible authority for monetary policy is Czech National Bank that has been using the inflation targeting regime to conduct its monetary policy since 1998. The inflation rate changes, i.e. the changes in repo rate represent a monetary tool for steering actual inflation rate towards the projected or "target" inflation rate. The linear correlation between 2 weeks repo rate and 1 month PRIBOR rate is confirmed. The transmission mechanism is examined within the VAR framework and the relationships between the 1 month PRIBOR rate, gross domestic product and inflation rate are studied. The VAR model including 1 lag is considered as the best performing model. The relationships among variables are analysed by related approaches -- Granger causality, impulse response functions and cointegration. The ability of model to create forecasts is assessed and the ex ante forecasts are produced for one-year horizon. The effects of alternative monetary policies are the subject of scenario analysis.
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Current problems of the monetary policy in the world
Houštecký, Martin ; Plchová, Božena (advisor) ; Čajka, Radek (referee)
This master thesis deals with current monetary policy in the world. The monetary policy belongs to the basic components of the economy and the economic policy. In today`s world economy, still recovering from the recent financial and economic crisis, many people look up to the monetary policy as a possible remedy for standstill economy. At first, this thesis presents standard monetary policy. Then, the analysis of the current monetary policy in the centres of the world economy, which means the USA, Europe and Japan, is carried out. From the analysis the main problems of current monetary policy emerge and then new tools and solutions implemented by various central banks for the purpose of solving these problems are analysed. At the end other possibilities of the monetary policy are presented in theory.
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