Efekty kvantitativního uvolňování v USA, Japonsku, Eurozóně a Velké Británii

The diploma thesis examines the effects of quantitative easing as an unconventional monetary policy tool used in a zero lower bound in the USA, Japan, the Euro area, and the United Kingdom. The introductory part focuses on the other non-standard instruments of the monetary policy used by the central banks in such a limited manipulative space. Furthermore, the transmission mechanism and channels of quantitative release and the strategy of leaving this emergency tool are outlined. Then, the use of monetary policy unconventional tools in individual countries, resp. monetary area is indicated with a focus on the course of quantitative easing. The main goal of this thesis is to analyse the effects of quantitative easing on economic indicators of the unemployment rate, inflation, and GDP, which are first described and through Granger causality. At the end of the analysis, the response of exogenous shocks and forecast error variance decomposition created in the VAR model of individual countries, resp. monetary areas are examined.