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The Impact of Quantitative Easing on USA, Eurozone and Japan in 2001 - 2015
Odložilová, Andrea ; Štěpánek, Pavel (advisor) ; Loužek, Marek (referee)
The objective of this master thesis is to appraise quantitative easing on markets in the USA, Eurozone and Japan. The emphasis in the analysis is on evaluation of monetary policy, appraisal of measures taken and their impact on the main macroeconomic indicators. Quantitative easing belongs to the unconventional tools of central banks. Bank of Japan was the first bank which used QE, than Bank of England and the Fed. ECB set the final round of quantitative easing in March 2015 and it is still a highly debated monetary policy instrument.
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Quantitative Easing and its Impact on Wealth Inequality
Lazar, Stefan-Alexandru ; Taušer, Josef (advisor) ; Čajka, Radek (referee)
The aim of this thesis is to show how the unconventional monetary policy rounds of Quantitative Easing introduced in the United States between 2008 and 2014 have led to an increase in wealth inequality. The need for the thesis arises due to the uncharted nature of QE and because of more and more information is surfacing to light which points to this connection. By analysing the distribution of these funds and adding it to the then base distribution of money supply, this study was able to determine a significant 10 % increase in the Gini Index. Furthermore it highlights how a large portion of wealth was transferred from the middle class over to the top 5 % income households. Starting from a set of assumptions the calculation is performed by extrapolating the data required and by isolating the system from any external variables. The result is a theoretical model meant to describe the mechanism that links Quantitative Easing to wealth inequality. Moreover a detailed comparison is provided with the effect of a conventional monetary policy such as Open-Market Operations. Finally solutions to this issue are being discussed from economical, political and fiscal standpoints.
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The impact of quantitative easing on public sector bond yields of selected countries since 2007
Nacházel, Jan ; Jílek, Josef (advisor) ; Pekárek, Štěpán (referee)
This thesis deals with the impact of quantitative easing on public sector bond yields of selected countries in the world. It mentions channels of standard monetary policy tools and channels of quantitative easing, which can be included among unconventional monetary policy tools. This thesis analyses the impacts of quantitative easing, which was done by the Federal Reserve System, the Bank of England and the European Central Bank. Firstly, all these institutions fought against the financial crisis with standard monetary policy tools. However, those tools were not very effective, therefore the institutions moved to non-standard tools. After the analysis based on event-study method was carried out, it was found out that mainly the first announcements about the policy of quantitative easing were always the most effective in decreasing government bond yield. The subsequent expansion of the policy of quantitative easing did not have such impact. The main benefit of this thesis is in the examination of the impact of later statements regarding quantitative easing on government bond yield, which were not effective in decreasing government bond yield.
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Quantitative easing in Japan
Pavlíček, Adam ; Brůna, Karel (advisor) ; Titze, Miroslav (referee)
The diploma thesis focuses on quantitative easing in Japanese economy. In the first part the problematic is set into a theoretical frame and then is connected with the development of the modern Japanese economy. The thesis describes the progress of the both waves of quantitative easing which have been implemented so far as well as the circumstances of their start and their so far known impacts. The application part presents an evaluation of the impacts of the current wave of quantitative easing. The evaluation is based on the impulse-response analysis.
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Unconventional monetary policy after the collapse of Lehman Brothers
Dragoun, Josef ; Brůna, Karel (advisor) ; Dvořák, Michal (referee)
This diploma thesis is focused on unconventional monetary policy tools that individual central banks introduced into practise as a response to the global financial crisis. It is about quantitative easing policy, foreign exchange interventions with exchange rate commitment and negative interest rates. This thesis also deals with classical tools of monetary policy such as open market operations, discount tools, minimum requirement reserve or foreign exchange interventions. The aim of the thesis is to document the development of central banks policy and then to examine relationship of selected assets in comparison with balance sheet of Federal reserve systems with help of correlation coefficient. The thesis also deals with the thought how should behave in the zero lower bound environment and what are the pitfalls of unconventional monetary policy.
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Specifics of Quantitave Easing of ECB and exit strategy
Matiáš, Marek ; Mandel, Martin (advisor) ; Metrah, Samy (referee)
Goal of master thesis Specifics of Quantitave Easing of ECB and exit strategy is to analyse monetary policy called Quantitative easing and its exit strategy. Largest part of thesis addresses this monetary policy on example of European central bank but there is also summary transmission mechanisms and opinions of effectivness of this monetary policy on examples of other central banks. On example of ECB this work describes process of quantitative easing. Also there is empicital analysis of impacts of purchases under Securities market programme on yields of goverment bonds. Result of this anylsis is finding that SMP was effective only partly, mainly at time of its announcement. Further the work analysis current balance sheet of ECB from the perspective of exit from quantitative easing concluding that ECB would be able to execute exit strategy to these days.
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Quantitative easing - A Policy of Interest Rates Close to Zero
Celer, Martin ; Potužák, Pavel (advisor) ; Slaný, Martin (referee)
This diploma thesis describes the Quantitative easing as an unconvetional tool of the monetary policy. In the first chapter of this thesis there is theoretical analysis of the zero lower bound and also of specific phenomenon that might occur in this situation (the liquidity trap). The second chapter deals with the quantitative easing as a monetary policy with focus on the United States. It summarizes its development during three so called rounds, during which the quantitative easing has been used. This chapter also contains analysis of the entrance and exit strategy of the quantitative easing. In the third chapter, there is an econometric model estimated by ordinary least squares method with robust errors. This model is being used to verify the hypothesis whether the quantitative easing lowered long-term interest rates. The hypothesis has been rejected as the quantitative easing does not have statistically significant effect on any selected long-term bonds.
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Unconventional monetary policy and its impacts on the balance of payments (the case of Brazil)
Papežík, Ondřej ; Šíma, Ondřej (advisor) ; Houštecký, Martin (referee)
The present bachelor thesis describes the reasons for adopting the unconventional monetary policy by developed countries and its impacts on the economic development and balance of payments in Brazil. Quantitative easing, as the tool of unconventional monetary policy, adopted by Federal Reserve System in the USA caused excessive capital inflows to emerging markets. Therefore, Brazil has adopted measures in the form of capital controls which affected the structure of capital inflow. The foreign direct investments acquired in importance (primarily in the sector of mineral processing) instead of portfolio investments. These measures also help to reduce the level and volatility of exchange rate.
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Quantitative easing of Federal Reserve System and its effect on US economy
Táborský, František ; Mandel, Martin (advisor) ; Dvořák, Pavel (referee)
Presented thesis describes unconventional instrument of monetary policy quantitative easing of liquidity by increasing reserves of commercial banks held at the central bank accounts. This instrument was implemented during the greatest economic crisis since the 1930s by all the major monetary authorities to reduce real interest rate at the time of depleted standard monetary policy tools. Thesis deals with the transmission channels, historical and present experience and process of quantitative easing in the US. The potential threats associated with the massive release of liquidity to the market at a time of economic and financial crisis, the right strategy and the timing of exit and subsequent normalization of monetary policy are also discussed. Using correlation analysis relationships between the total volume of reserves and other financial indicators are identified. Most of the anticipated relationships has been confirmed, only their strength may not correspond with notion of central bankers when this instrument are implemented.
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