Analýza příčin inflace a efektivnosti měnové politiky v letech 2021-2024

This bachelor's thesis examines the development of inflation and the effectiveness of monetary policy in the USA and the euro area between 2021-2024. The goal of the thesis is to identify the causes of inflation and analyze whether the monetary policies of the selected economies were effective in curbing inflation. Emphasis is also placed on the impact of monetary measures on economic growth and unemployment. The thesis includes elementary theoretical foundations to provide orientation in the topic. This is followed by an analysis of inflationary developments and monetary policy in the USA and the euro area, concluded with a comparative analysis. The findings show that in the USA, inflation was driven mainly by supply chain disruptions and labor shortages, while in the euro area, inflation was driven primarily by high energy prices. Both central banks responded, albeit with a delay, by raising interest rates and through quantitative tightening. In the case of the ECB, the delay was greater, and the rate hikes were less aggressive. Regarding the effectiveness of monetary policy, both central banks managed to reduce inflation toward their targets by 2024, but in the case of the USA, this was also accompanied by stronger economic growth and lower unemployment compared to the euro area.