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U. S. Monetary Policy in the 1920s
Bednář, Martin ; Tajovský, Ladislav (advisor) ; Jeřábková, Zdenka (referee)
This diploma thesis tries to analyse the monetary policy of the Federal Reserve System in the 1920s. Through a detailed scrutiny of the influence of the American Central Bank on the economic activities it also tries to answer the question whether the Federal Reserve System could be considered as the main factor behind the causes and consequences of the Great Depression. This analysis can be divided into two periods. In the first period it explores the connection between the Federal Reserve System and the so-called New Era of American Capitalism in the 1920s. In addition, it raises the question whether the Central American Bank (through monetary policy tools) influenced the contemporary economic and political development to such an extent that it resulted into the Great Depression. The focus of the second period is the behaviour of the Federal Reserve System right after the Stock Market Crash of 1929.
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Anti-crisis policy of the Federal Reserve system in twenties and early thirties of the twentieth century
Šetele, Adam ; Tajovský, Ladislav (advisor) ; Szobi, Pavel (referee)
This bachelor thesis deals with the anti-crisis policy of the U.S. central bank, the Federal Reserve system (FED), during the twenties and early thirties of last century. Attention is directed primarily to two major crises that occurred during this period. It is a little known post-war Depression of 1920-21 and the Great Depression of 1929-33. Anti-crisis policy, which were used by a top U.S. monetary autority -- Federal reserve system to address these two crises were to each other in stark contrast. In the first case there were chosen restrictive and deflationary policies, while in the latter case there were applied an anti-crisis expansionary and inflationary policies. These different approaches have been also accompanied by a different course of the crisis. Based on analysis of anti-crisis policy of the Federal Reserve System in the early 20th century work shows that there is a causal relationship between anti-crisis policy of the central bank and the state of economic development and that this stabilization (anti-crisis policy) of Federal reserve system deepen economic contraction rather than help economic from them. The work is theoretically based on ideas of the austrian economic school and its business cycle theory.
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Monetary Policy of the Federal Reserve System in 2007-2010
Tóthová, Jana ; Koderová, Jitka (advisor) ; Dohányos, Vojtech (referee)
The thesis describes the chain of causation that leads from the causes of the financial crisis over its consequencies towards the reactions of the Federal Reserve System. After the consequencies of the Crisis have been identified, the author deals in detail with the measures taken -- with their characteristics and the way they function. Afterwards, the author evaluates efficiency of these meausures and describes the role they played in the overall attitude of the Federal Reserve System to handling the Crisis.
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The causes of the housing and financial crisis in the USA
Stelzerová, Tereza ; Mandel, Martin (advisor)
This study is focused on the causes of financial crises in the United States of America starting in 2007. There is mentioned a number of influences that had impact on this disfavourable economic development in this study. In the first part, there is mentioned the housing policy and government measures in providing mortgages. Further, there is explained the development of the banking system -- with the Federal Reserve System on one hand and commercial banks on the other. Their parts in this crises are explained in the second chapter, alongside with modern trends on financial markets. One of those trends was occurrence of new kinds of securities -- eg. CDO which is characterized. Rating agencies were also subjects which business behavior was one of the causes of this crises burst. In this study there is also captured simple line-out of events on the interbank market, when the crises became obvious. Last part is dedicated to comparison with other crisis of the modern history, especially the Great Depression.
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U.S. monetary and fiscal policy since Great Depression to the present
Lochmanová, Kristýna ; Babin, Jan (advisor) ; Čermáková, Klára (referee)
In my bachelor's work I would like to focus on monetary and fiscal policy of the U.S. since the Great Depression to the present. My work will focus especially on three main topics. In the first part I will try to summarize the causes and consequences of the Great Depression, in another part I will pay attention to 1950s and 1960s in which the Keynesian theory prevailed. Finally I will try to find out if there are any common elements of the financial crisis in 1930s and of the current one. Seeing that I want to reveal the causes of the Great Depression, on which I will base my findings later, I will devote a few words to the characteristics of the golden era in the 1920s at the beginning of my work.
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Austrian Business Cycle Theory: The Explanation of Financial Crisis
Vlček, Tomáš ; Havel, Jan (advisor) ; Svoboda, Miroslav (referee)
This thesis is dedicated to clarification of the Austrian approach to the central bank policies, particularly in relation to production structure changes and disruption of the price coordination mechanism. Firstly, I will try to clarify the theoretical patterns, as formulated by the founders of this concept, which is known as the Business Cycle Theory, and then I confront the theoretical knowledge with real statistical data from the U.S. in recent years. The thesis should show, that the Business Cycle Theory can thanks to its complexity and logical structure fully reveal the real causes of the recent economic crisis and that even after decades since its first formulation it can be considered as actual and functional conception, which should be taken into account when deciding on monetary issues.
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