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Důvody dlouhodobě nízkých úrokových sazeb České národní banky
Urbanová, Daniela
The bachelor thesis deals with the modification of the reaction function of the Czech National Bank by using modified Taylor rule. This rule was introduced in 1993 by US economist John Taylor as a rule of the interest rate. The financial instability is associated with rapid growth of credit activity and rapid growth of asset prices and the period after financial crisis is associated with the reluctance of banks to provide loans. Besides traditional variables of Taylor rule the instability of credit loans provided by commercial banks was included and the effect of this variable on repo rate of the CNB was examined especially after financial crisis. The observed period is from January 2001 to December 2016. The main part of the theoretical part is dedicated to monetary policy of the Czech National Bank and channels of the transmission mechanism, monetary policy rules, the environment of low interest rates in context of liquidity trap and the financial instability.
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Inflation targeting in case of imminent deflationary pressures - the example of CNB
Plachý, Matěj ; Koderová, Jitka (advisor) ; Dvořák, Michal (referee)
This diploma thesis focuses on the use of inflation targeting as monetary policy regime in a situation of imminent deflation. The thesis is divided into three main parts. The first part introduces the basic mechanism of inflation targeting with its basic elements and describes its possible failure. The second part focuses mainly on the analysis of the economic factors which contributed to achieving the zero lower bound for the repo rate of CNB. The third part presents an alternative (unconventional) monetary policy instruments in case of achieving zero lower bound, in particular the use of the exchange rate. The end of the last part of this thesis analyzes the development of key macroeconomic indicators in the Czech Republic.
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Repo
Urdzíková, Veronika ; Baran, Jaroslav (advisor) ; Kolman, Marek (referee)
The Bachelor's thesis deals with sale and repurchase agreement (repo) and repo market, describes mechanism of repo transaction and its role in money market. The main aim of this bachelor's thesis is to analyse repo rates and volumes of repos on markets in Czech Republic and European Union, mostly their changes connected with the consequences of global financial crisis and debt crisis in Eurozone. At the end, there is a comparison of repo rates and assesment of consequences of financial crises on volume and use of repo transaction.
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Inflation targeting in circumstances of low interest rates
Vránková, Martina ; Koderová, Jitka (advisor) ; Petrušová, Martina (referee)
The thesis "Inflation targeting in circumstances of low interest rates" describes the monetary policy of the Czech National Bank with main aim on its current problems. The target of the thesis is to analytically prove the disruption of a section of the transmission mechanism when the repo rate should determine the interest rates on the czech interbank market. This disruption should have been caused by the recent financial crisis.
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