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Unconventional monetary tools adopted by ECB and FED from 2008 until 2014

Autor práce: Šetková, Lenka
Typ práce: Diplomová práce
Vedoucí práce: Hnát, Pavel
Osoba oponující práci: Clayes, Peter

Informace o vysokoškolské kvalifikační práci

Název práce: Unconventional monetary tools adopted by ECB and FED from 2008 until 2014
Typ práce: Master thesis
Jazyk práce: English
Abstrakt: Both the ECB and the Fed implemented various unconventional measures in response to the last crisis. While the ECB's policies were based on direct lending to banks, the FED adopted large-scale asset purchases. According to the empirical evidence these policies had economically beneficial effects in the US and the Eurozone but these measures have also certain spillovers which scope and exact impacts are quite difficult to estimate. There have been already many papers focusing on cross-border impacts of the FED's policies, but far less studied the spillovers of the ECB's policies. This work provides a theoretical background concerning the unconventional monetary policies implemented by the ECB and the FED after 2008 and analyse the impacts of ECB's policies on six particular countries outside euro area. The Impulse Responses of output, inflation, domestic interest rate and exchange rate are analyzed via block-restricted VAR model. My results confirm that euro area monetary policy does have an impact on non-euro area countries, although the response of macroeconomic variables in analysed countries are heterogeneous and also differ in the period before and after September 2008. Countries seem to be indeed affected more by conventional monetary policies until September 2008, but the euro-area monetary policy spills over via unconventional policies after September 2008. Overall, the ECB's policies affect economic activity outside euro area, but does not have significant impact on inflation. Furthermore, the exchange rate just initially drops in response to monetary tightening, but this reaction usually does not last for more than four months.
Klíčová slova: unconventional monetary policy; VARs; ECB; monetary policy; FED; shadow rate

Informace o studiu

Studijní program a Studijní obor: Economics of Globalisation and European Integration
Typ studijního programu: Magisterský navazující studijní program
Jméno přidělované hodnosti: Ing.
Instituce přidělující hodnost: University of Economics, Prague
Název fakulty: Faculty of International Relations
Název katedry: Department of World Economy
Instituce archivující a zpřístupňující VŠKP: University of Economics, Prague

Informace o odevzdání a obhajobě

Datum zadání práce: 1. 11. 2014
Datum podání práce: 30. 9. 2015
Datum obhajoby: 11.01.2016
Výsledek obhajoby: Závěrečná práce byla úspěšně obhájena

Soubory ke stažení

Hlavní práce53738_xsetl00.pdf [3,72 MB]
Oponentura45276_Clayes.pdf [155,96 kB]
Hodnocení vedoucího53738_hnatp.pdf [80,16 kB]

Údaje ze systému InSIS

Identifikátor https://insis.vse.cz/zp/53738/podrobnosti