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Negative interest rates as a monetary policy measure
Tvrdek, Filip ; Bič, Josef (advisor) ; Žamberský, Pavel (referee)
Bachelor thesis examines negative interest rates used as a monetary policy measure. In the first part, theoretic overview and description of current macroeconomic developments are provided, as well as reasons which led central banks to implement unconventional policy steps. In the main part of the thesis, possible effects of negative interest rate policy are presented and verified using the example of five economies - Sweden, Denmark, euro area, Switzerland and Japan. The final assessment states that negative interest rate policy brings mixed results with strong possible threats in the future.
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The Impact of Unconventional Monetary Policy of ECB to Central and Eastern European Countries: A Panel VAR Analysis
Hálová, Klára ; Horváth, Roman (advisor) ; Džmuráňová, Hana (referee)
In this thesis we examine the macroeconomic interactions of unconventional monetary policy introduced by European Central bank during crisis by estimating a panel vector autoregression. We study impact of such policies using monthly data from 13 Central and Eastern European countries within seven-year period from 2008 to 2014. We find a positive reactions of output and prices to expansionary unconventional monetary policy shock. Our results provide evidence that decrease in shadow policy rate of ECB leads to rise in output as well as temporary rise in inflation, however, the effect on inflation is weaker and less persistent. We also find that unconventional monetary policy positively influences market uncertainty, but we do not find any significant effect on exchange rates. Individual country estimates suggest that the reaction of exchange rates to non-standard monetary policy shock significantly vary across countries.
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Spillover of the ECB's Monetary Policy Outside the Euro Area: How Different is Conventional From Unconventional Policy?
Babecká Kucharčuková, Oxana ; Claeys, Peter ; Vašíček, Bořek
This paper studies the macroeconomic impact of ECB policy on the euro area and six non-EMU countries. The analysis is based on the evolution of a synthetic index of overall euro area monetary conditions (MCI) that can be decomposed into conventional and unconventional policy measures. A standard monetary VAR including the MCI subcomponents shows that the transmission of unconventional monetary policy in the euro area is quite different than under conventional policy: prices react quickly, but the response of output (industrial production) is muted. A block-restricted VAR analysis confirms that euro area monetary policy spills over to the macroeconomic developments of non-EMU countries. While conventional monetary policy has a generalised effect on economic activity, exchange rates and prices, unconventional measures have generated a variety of responses. Exchange rates respond rather quickly, but an effect on the real economy is found only for some countries, and inflation remains largely unaffected.
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Monetary policy of the Czech National Bank in connection with global financial crisis
Martynyuk, Olesya ; Pavlík, Zdeněk (advisor) ; Melcher, Ota (referee)
This bachelor's thesis examines the monetary policy of the Czech National Bank in connection with the current financial crisis. The first chapter explains briefly the main causes of the crisis. The second chapter characterizes the central bank, its monetary policy, and instruments in general. It also describes the formation, functions and main monetary policy principles of the Czech National Bank. This chapter gives also brief information about the European Central Bank. The topics covered in the first two chapters provide theoretical fundation for the rest of the thesis. The third chapter analyses the monetary policy of the Czech National Bank during the crisis between 2008 and 2010 and also shortly examines the measures taken by the European Central Bank. The last part compares the monetary policies of both the central banks.
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