Transmisní mechanismy kvantitativního uvolňování

The dissertation thesis focuses on quantitative easing as a type of unconventional monetary policy. The introductory part analyses the definition of quantitative easing, giving the overview of terminology differences among various authors. Also, the thesis compares quantitative easing with common alternatives (e.g. LSAP). To clearly define quantitative easing, 7 distinguishing features are listed. The main emphasis of the thesis is given on transmission channels of this monetary policy. In this field, historically used transmission channels are investigated in their application on quantitative easing with the typical main problem represented by the zero nominal lower bound of interest rates. This concept is extended to negative interest rates, their history, problems and applicability on cash. For quantitative easing, peculiar transmission channels are developed: portfolio rebalance, signalling, risk premia reducing, coordination, bank funding and fiscal. Each transmission channel is tested with vector autoregression or panel regression, with sample economies of the eurozone, Japan, the USA and the United Kingdom. The main outputs are impulse response, forecast error variance decomposition and regression coefficients analysis.