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Lessons for ECB from the Fed policy with respect to quantitative easing after 2008
Pagáč, Peter ; Babin, Jan (advisor) ; Čermáková, Klára (referee)
This paper is focused on understanding of quantitative easing which was used by Federal Reserve System in order to decrease long-term interest rates. The analysis is mainly focused on connection between an increase in an inflation and an output and the quantitative easing. Analysis is also focused on the so-called "portfolio balance channel" as one of the main potential channels of quantitative easing influence. The paper has validated positive influence on output of U.S. economy. Moreover the paper shows potential effects of this policy in the Eurozone, which is the main goal of this thesis in consideration of its actual applying by the European Central Bank.
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Prediction of impacts of quantitative easing policy in the euro area on the basis of comparison with conditions and impacts of the monetary easing in the USA from 2008 to 2014
Malina, Michal ; Štekláč, Jiří (advisor) ; Ševčíková, Michaela (referee)
The bachelor thesis focuses on quantitative easing policy. There is a theoretical explanation of the transmission mechanism of this non-standard monetary policy tool, including transmission channels through which operates on the economy. There are also discussed attitudes of selected schools of economics towards this tool and monetary policy in general. Next part of thesis analyzes conditions and implementation of quantitative easing in the USA and the euro area. The main goal of this thesis is prediction of impacts of quantitative easing in the euro area on the basis of comparison with conditions and implementation of this policy in the USA. Results of the thesis shows that this policy should have weaker positive effects on the euro area economy than on the US economy and is therefore less appropriate instrument for current conditions in the euro area. The main reason is different distance between the crisis and initiation of quantitative easing in the USA and in the euro area, the economy and financial markets are now in better condition than right after the bankruptcy of Lehman Brothers. Furthermore, the capital market in the euro area is not as important as in the USA.
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Analýza transmisního mechanismu monetární politiky u nestandardních nástrojů v USA od roku 2008 po současnost
Řezníček, Lukáš ; Šimíček, Petr (advisor) ; Štekláč, Jiří (referee)
This bachelor thesis deals with the issue of transmission mechanism in the condition of a financial crisis and primarily focuses on partial analyses of using unconventional tools and their impacts. I have used analysis, comparison a correlation as methodological foundation. On the basis of performed analyses, I have concluded that the laid-out thesis: meeting the objects of a central bank via unconventional policy was verified. The benefit of my work is an overall view on US economy since 2008 to present and a description of its development, including alternative methods of and perspectives.
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Credit risk of central bank foreign exchange operations
Vlazneva, Anna ; Brůna, Karel (advisor) ; Skoupil, Lubomír (referee)
The current thesis titled "Credit risk of central bank foreign exchange operations" aims to explain the concept of credit risk and its types from theoretical perspective and to define sources of credit risk that are specific for central banks and which arise from central bank's operations. It also aims at the analysis of possible methods of credit risk limitation. The practical part of this thesis is dedicated to the study of specific sources of credit risk as well as methods of credit risk management which are presented on the examples of the central banks of Great Britain, Japan and the European central bank. Closer attention is also paid to the response of these central banks to the 2008 financial crisis and the impact that this crisis had on the extent of their exposure to credit risk.
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Monetary policy of Federal reserve system and the reaction of American stock markets during financial crisis in 2008
Novotný, Martin ; Titze, Miroslav (advisor) ; Zamrazilová, Eva (referee)
The main aim of this final thesis is to analyze unconventional monetary policy of American central bank, which has been implemented during financial crisis in 2008. Fed used extremely accommodative monetary policy to restore interbank liquidity and to stimulate the real economy. In theoretical part of this thesis is examined the liquidity trap. The thesis describes transmission mechanism of transferring Fed measures to financial markets and real economy as well. Practical part of the thesis analyzes further steps of Federal reserve system, which have been implemented when key interest rates have already been lowered near the zero bound. The thesis is finished by the evaluation of these steps of American monetary authority and behavior of US stock market, which has been directly stimulated and is currently reaching its all-time highs.
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Menové vojny
Gažo, Ivan ; Brůna, Karel (advisor) ; Marek, David (referee)
The importance of a currency war and its consequences is nowadays a hot topic of all economies around the world. My master thesis is designed to explain this concept, to introduce the main actors of the currency wars, the ways, in which national economies were and are trying to boost and improve their economic situation and highlight the main tools that are usually used by major powers within currency wars. The practical part is divided into three main sub-chapters that analyze the causes and consequences of currency wars, which we have previously witnessed. Analysis of the currency war I. relates to the years 1921-1936, the currency war II. relates to the period around World War II. and the formation of Bretton Woods system, and finally currency war III. relates to last years, when a superpowers like US, China and EU entered the war as a result of economic recessions of 2007.
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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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Quantitative easing and its impact on Czech economy
Řehák, Martin ; Petrášek, František (advisor) ; Misic, Viktorija (referee)
The master thesis analyses potential impacts of introduction of the quantitative easing by the Czech National Bank as a new monetary instrument in the Czech Republic, which would be used as a means of fight against the economic cycle. Instruments which a central bank can use in the area of monetary policy become limited in the era of major interest rates inclining to zero. Power of conventional means becomes insufficient. As a result, more and more central banks consider introduction of a relatively new instrument -- quantitative easing which is applied e.g. by the FED or the ECB at present. The main goal of the thesis is to assess advantages and disadvantages of introduction of quantitative easing by the Czech National Bank and its ability to influence the economic cycle when basic principles of quantitative easing are applied on a real small opened economy. The output should present analysis and assessment of costs and benefits arising from introduction of quantitative easing. Actual data from the economies, where the quantitative easing has been applied, are analyzed in the thesis. The results of the analysis are used as a basis for creation of a simple universal model of functioning of quantitative easing which is after customizing according to specifics of the Czech economy, applied to the Czech Republic. Three possible scenarios of development of economy after introduction of quantitative easing by the CNB were developed on the basis of the model which differs from each other as they relate to a different phase of economic cycle.
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Response of the Federal Reserve System to the current financial crisis
Zelba, Michal ; Koderová, Jitka (advisor) ; Dohányos, Vojtech (referee)
Objective of this paper is to assess efficacy and feasibility of measures undertaken by the Federal Reserve system during the financial crisis that erupted in the year 2007. Firstly, origin of central banking in USA is described, then structure and mandate of Fed. Discussion of causes of the financial crisis follows. This work sheds light on policies of Fed after the beginning of the crisis and analyzes their efficiency and suitability. The biggest focus is on quantitative easing and on its effects on long-term interest rates.
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Monetary policy of quantitative easing: causes, process and risks
LEXA, David
The bachelor thesis is devoted to monetary policy of quantitative easing, to an unconventional way how central banks are trying to fight against the threat of deflation and support economic growth. The goal of this paper is to introduce this policy, analyse effectiveness of particular example of central bank which adopted quantitative easing as its monetary policy and finally, define the most relevant risks.
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