Redistribuční důchodové dopady měnové politiky České národní banky

Monetary policy, as one of the economic policies, is commonly implemented by the central bank with the primary objective of maintaining price stability in economy. Beside the intended effects, the use of monetary policy tools also has an impact on the central bank itself and its financial performance. In the case of the Czech National Bank, its financial performance has consistently exhibited negative results. There is also a redistribution of income from the central bank towards the private sector. The aim of this master's thesis is to analyse the economic performance of the CNB in relation to its balance sheet and evaluate the redistributive effects of CNB's losses on the commercial banking sector. The thesis concludes that the unconventional monetary policy of the CNB has significantly distorted its financial position and complicated both the effective implementation of monetary policy and profit generation, and distorted the market environment in the domestic banking sector. These impacts are likely to persist in the Czech environment for an extended period.