Zhodnocení nekonvenční měnové politiky vybraných centrálních bank

Abstract

The purpose of this Bachelor’s thesis is to show a complete overview of evaluation of unconventional monetary policy of selected central banks incorporated mainly by the reason of the financial crisis, the Great Recession from years 2007 to 2015 in United States of America, United Kingdom and Japan. The first part of thesis is devoted to the essence of monetary policy, whereas the unconventional monetary policy and the tools used in it. In the second part of the thesis is explained in detail the concept of financial crisis. Special attention is devoted to the crisis of the Great Recession, which had a very severe impact on the global economy. These impacts are practically illustrated on the above-mentioned selected countries through facts and clear graphs. The practical, third part of the thesis, is devoted to the description and evaluation of unconventional monetary policy of selected central banks and tools and programs related with. The assessment is based on selected economic studies and is complemented by a simple macroeconomic analysis. As a successful programs of unconventional monetary policy were found the QE3 programs in the USA, and to a lesser extent QE1 and QE2, the UK program QE1 and partly FG and FLS, and in Japan the programs ZIRP, QE and partly QQE.