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Důsledky kvantitativního uvolňování v Evropě a USA
Kocveldová, Gabriela
This thesis investigates consequences of quantitative easing in Euro area and in the USA, especially for the fixed-income market. Empirical part of the thesis is split into the analysis of individual phases of quantitative easing in the USA and into the evaluation of consequences on chosen macroeconomic indicators. Same procedure is applied for the Euro area.
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Consequences application uniform policy of ECB on euro area countries
Skrbek, Ondřej ; Babin, Jan (advisor) ; Mirvald, Michal (referee)
The main goal of the bachelory thesis is to verify impact of common monetary policy of European central bank with motto "one size fits all" on the credit growth in the Euro area. It means uniform settings of interest rate EONIA, which values I compare with country-specific policy rate based on Taylor rule. Panel data are included in the range of 2005-2011 for 4 countries with different economic maturity: France, Germany, Ireland and Spain. Using the OLS estimation I can confirm negative effect. It means, that lower interest rate, then the country-specific one, is pressing on the credit growth of countries in euro area and thereby negatively affects the economy of the state.
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Macro-economic costs analysis and time determination of joining European Monetary Union
Zámečník, Michal ; Mandel, Martin (advisor) ; Brůna, Karel (referee)
The main aim of this thesis is to discover a suitable instant of time for the Czech Republic to join European Monetary Union. I am analyzing dependence between monetary policies of the Czech National Bank (CNB) and the European Central Bank (ECB) themselves as well as in relation to essential Czech macroeconomic indicators. My observation is focused on interest rate policies represented by operative interest rates, on monetary policies represented by indices of nominal effective exchange rates and on convergence monitoring. The analytical instruments I used in the thesis are correlation analyses, linear trends, the Granger causality test and the Impulse-Reaction test. Besides, my thesis examines fulfillment of the Convergence (Maastricht) criteria in the Czech Republic and other central European countries. This thesis also examines impact of the European monetary policy on some Eurozone member countries.
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