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Helicopter Money and the Propensity to Consume Transfers: The Case of Czech Republic
Doležal, Jakub ; Havránek, Tomáš (advisor) ; Hanzlík, Petr (referee)
Jakub Doležal1 1 ) Institute of Economic Studies, Faculty of Social Sciences, Charles University 50735965@fsv.cuni.cz The thesis discusses the topic of helicopter money - unconventional mon- etary policy aimed at increasing sub-target inflation and reviving GDP growth when the orthodox monetary policy is constrained by the zero lower bound (ZLB) on policy rates. From the perspective of the households, helicopter money transfer is a windfall gain. Part of the transfer - marginal propensity to con- sume (MPC) - is within weeks turned into consumption. MPC directly affects the outcomes of the policy, it is therefore advisable to predict it. The first part of the thesis describes unconventional monetary with special emphasis on helicopter money, quantitative easing and debt monetization. The second part is then devoted to identifying country-level drivers of MPC and subsequently predicting average MPC across Czech households using meta-analytic approach. While controlling for publication bias and performing variables selection through Least Absolute Shrinkage and Selection Operator (lasso) the model predicts av- erage marginal propensity to consume the transfer ranging from 0.46 to 0.51 during the years of sub-target inflation and under ZLB on policy rates within the Czech economy.
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Kvantitativní uvolňování versus tzv."helicopter money" a jejich účinnost
Pyatova, Victoria ; Šíma, Ondřej (advisor) ; Hába, Stanislav (referee)
The bachelor thesis examines the impact of the Quantitative Easing on the economies such as the USA, the UK, and the Eurozone, it focuses on the economies conditions and structure that determine the size of the effect. As a result, the analysis has shown a limited impact of unconventional monetary policy in the Euro area as the banking sector performs very poorly comparing to the effective implementation in the US and the UK, where the main role of asset allocation was given to financial market. The new concept called the Helicopter Money is introduced in the paper as a new method for Eurozone countries to boost economic development. The advantages and disadvantages of Helicopter Money are broadly discussed by well-known economists as well as the mechanism of its implementation. The macroeconomics models and theories were applied in order to give a closer look at this concept. The author of this paper sees the high potential for the Eurozone in a short and a long-term on condition that the money drop will be supported by corresponsive fiscal policy.
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Unconventional monetary policy in theory and empirical evidence
LEXA, David
The Diploma thesis deals with unconventional monetary policies,that important central banks used in order to cope with global financial and economic crisis in recent years. Goals of the paper is to introduce the most significant unconventional monetary policies, analyze their effectivity in selected countries (Japan, USA, Great Britain, eurozone and Czech republic), and statistically test impact of these nonstandard approaches on international trade.
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