Analysis and comparison of monetary policies of the Czech National Bank, the European Central Bank, and the Federal Reserve System from 2000 to 2022

The subject of the thesis is an analysis and comparison of the monetary policies of the CNB, ECB, and FED in relation to the national economy and achieving the goal of price stability in the period from 2000 to 2022. The theoretical part of the thesis describes the basic concepts and principles of the functioning of a central bank's monetary policy. The practical part focuses on the detailed analysis of selected standard and non-standard monetary policy tools. Subsequently, chosen aspects of central banks' monetary policies and its impacts on selected macroeconomic variables are compared. The global financial crisis had a significant impact on the nature of central bank's monetary policies, which, due to the exhaustion of the expansionary potential of traditional tools, were resorting to the use of non-standard tools. The tools of quantitative easing and the ČNB's foreign exchange interventions had a large impact on the growth of the balance sheets of the relevant central banks during the defined period. Central banks generally failed to adjust inflation in relation to the inflation target, primarily in the period after year 2008. The most successful in achieving price stability was the Federal Reserve System.