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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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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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Impact of monetary policy by the Fed on stock prices in the United States since 60th years of the 20th century
Ciprys, Dušan ; Doležal, Ondřej (advisor) ; Štekláč, Jiří (referee)
This thesis deals with the influence of the federal funds rate for the US stock market, represented by the S&P 500. The work aims to analyse the relationship of monetary policy and stock market of the United States in two planes. The first part explores the interconnection between the federal funds rate, the S&P 500 and inflation between 1960 and 2015 in the context of a long period. There is significant effect of interest rates on stocks and the entire economy. The second part quantifies the immediate reaction of the stock market to changes in the base rate of the Federal Reserve System. An overall analysis shows that the market reacts differently to the increase and decrease in the federal funds target rate. The benefit of this work is to determine the average market reaction to the change in the Federal Funds rate in history and the prediction of its future development.
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Analysis US Monetary Policy between the years 2001-2005
Binka, Martin ; Dočkal, Dalibor (advisor) ; Štěpánek, Pavel (referee)
With the extension and deepening of the financial and economic crisis, many views are directed to pre-crisis monetary policy of the central bank of the United States. This work is focused on the analysis of the value of federal interest rates in 2001-2005. The analysis is performed by using selected monetary policies - famous Taylor rule, McCallum rule and Gali rule. The work provides us with a comprehensive view of the interest rate compared with the outputs of these monetary rules.
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