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Relation between central bank independence and accountability at the example of quantitative easing of the ECB and the Fed in 2005 - 2016
Pýchová, Jitka ; Ševčík, Miroslav (advisor) ; Řežábek, Pavel (referee)
The thesis deals with relation between central bank independence and accountability. The relation is examined on example of quantitative easing implemented in the period 2005 - 2016 by the European central bank and the Federal Reserve System. From the theoretical and practical point of view the thesis proves that the relation between central bank independence and accountability are influenced by the specification of targets of monetary policy to a great extent. The thesis also proves that the specific definition of both central bank independence and accountability influenced the characteristics of quantitative resp. credit easing. Moreover, such monetary policy can potentially endanger the independence of both central banks in many ways. Thus, the implementation of quantitative easing itself and its potential consequences evidences that the contemporary conception of central bank independence and accountability is insufficient and needs to be reviewed.
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The Great Inflation of the 1970s and it's impact on the contemporary FED
Hornát, Filip ; Zukerstein, Jaroslav (advisor) ; Fiřtová, Magdalena (referee)
This paper deals with the period of the 1970s Great Inflation in the United States and its impact on the present Federal Reserve System. The seventies after the oil shock were in the United States a period of the so-called stagflation, a mix of high inflation, high unemployment and economic stagnation, or recession. The role of the Fed in this era is discussed. The main thesis of this paper is that the Fed during the Great Inflation has changed markedly, with the basic goals and approaches remaining at the Fed till nowadays. An analysis of the period is made. The author concludes that the period of the Great Inflation really had a major impact on the transformation of the Fed, which more closely resembles its present form than in the post-war era.
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International capital flows during Federal Reserve's monetary policy normalization
Hrabánek, Tomáš ; Brůna, Karel (advisor) ; Pour, Jiří (referee)
The text deals with monetary policy normalization in USA and its influence on cross-border capital flows to emerging markets. The first chapter provides basic economic theory of capital flows. Federal Reserve's monetary policy normalization is discussed in the second chapter, including its relation to international flows of capital. The last chapter analyzes monetary policy normalization influence on capital flows to three developing countries.
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Fed's Easy Money Policy during Alan Greenspan's presidency in Board of Governors (1987-2006)
Mašek, František ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The main theme of the work is the Fed's monetary policy during the time, when chairman of the Board of Governors was Alan Greenspan. The greatest attention is aimed at the influence of Fed's expansive monetary policy on the so-called dot-com bubble and later mortgage crisis, which subsequently developer into the financial crisis. Through a thorough analysis of many scientific papers written by known economists and my own analysis and evalution I opine that the effect of expansionary monetary policy on the bubble in technological assets and mortgage crisis is rather minor. Fed subordinated all actions to achieve its monetary policy objectives, so criticism of its conducted monetary policy is essentially a critique of these objectives as such. I consider the emergence of new technologies and the so-called theory of feedback as the main cause of dot-com bubble. In the mortgage crisis and subsequent financial crisis as main determinants I consider reluctance of goverment officials strongly regulate activities of investment banks and other investment companies, moral hazard, failure of rating agencies, and federal support for home ownership coupled with the deregulation of the financial sector.
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The comparison of the constitutional conceptions of selected central banks of the world from perspectives of the CNB
Pospíšilová, Kateřina ; Kuba, Jaroslav (advisor) ; Matula, Miloš (referee)
The master´s thesis is about the conceptions of the Czech National Bank, the Federal Reserve System, the European Central Bank and People's Bank of China. It focuses on the comparison of these conceptions with the created universal model of the central bank and its parameters, and finds out that the selected central banks are lot away from this model. Important is also a perspective of the Czech National Bank after joining the euro area and the fact that at this moment her role will be replaced by the European Central Bank. The European Central Bank, compared with the Federal Reserve and the People's Bank deviates the least from its inflation target and therefore is pretty close to reach a price stability. However, ECB clearly financed some government debts, and that is inconsistent with the law. In conclusion can be noted that the central banks of the Czech Republic, the United States and the euro area reach the high level of freedom and are independent of the other components of state power and vice versa People's Bank of China remains strongly dependent on the executive power.
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Easy Money Policy of the Federal Reserve System in the 1990s
Pospíšil, Petr ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
This thesis focuses on monetary policy of the Federal Reserve System in United States in the 1990s. The emphasis during the analysis is put on recession of 1990-1991 and occasions which lead to market speculation, followed by US economy stagnation after its burst. I deeply analyzed the issue and contradictory opinions of renowned economists I conclude that American central bank's decisions during 1995-2000 contributed to the increase of stock market speculation. Nevertheless, these decisions were made in consistency with then crises of domestic and global economy with the aim of ensuring price stability and economic growth. Hence, my conclusion is that monetary policy of American central bank did not exactly cause the crisis, it was mainly investor's exuberance due to wave of new technologies emerging in the 1990s.
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Monetary Policy of the United States 1933 - 1940
Belan, Tomáš ; Johnson, Zdenka (advisor) ; Szobi, Pavel (referee)
This thesis deals with the monetary policy of the Federal Reserve System and the Treasury between 1933 and 1940. The work analyses the influence of the monetary policy on the U.S. economy and tries to answer the question whether it is feasible to blame the monetary policy for the slow economic recovery of the Great Depression. The principal part of the work is divided into three periods - the age of the New Deal with the emphasis on legal changes with impact on the policy of Fed, followed by a chapter dedicated to the recession of 1937-38 and finally a period from 1938 to the entry into the World War II. The results of the work imply that the monetary policy did not belong to countercyclical factors retarding the recovery of the economy after the crisis and mainly for the sake of the policy of the Treasury it was rather procyclical.
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Selected aspects of the latest financial crisis
Vlček, Tomáš ; Pošta, Vít (advisor) ; Makovský, Petr (referee)
The thesis is dedicated to clarifying the origins and main causes of the economic crisis. In the first part I ilustrate the connection between the monetary policies of central banks and the changes in structure of the production and investments with the help of Austrian Business Cycle Theory. These theoretical assumptions are confronted with the empirical findings from USA throughout the 20th century. The second part discusses other factors leading to the crises, mainly focusing on the 2009 economic crises and various free market and state controlled factors. The thesis discusses these factors from the point of view of theoretical and empirical knowledge of economic science.
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Monetary policy of the US from the 90s till the present day in local and international context
Narmukhamedova, Dina ; Neumann, Pavel (advisor) ; Němcová, Ingeborg (referee)
This thesis deals with monetary policy implemented by the Central bank of the United States the Federal Reserve System (Fed) from the 90s to the present day. The goal of this thesis is to assess the impact of monetary policy of the Fed on the American and the world economy in a given time interval. The first chapter deals with the general theory of functions of the central bank, its structure and history. The rest of the chapters are devoted to the description of the economic situation in the USA in the sub-periods and analyzing the steps and procedures that Fed had undertaken in response to these economic situation. The last chapter deals with the financial crisis of recent years, including possible causes and consequences, focusing on the main measures applied by the Fed in an effort to avoid or at least mitigate the crisis and the current development of the Fed.
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