Vliv kvantitativního uvolňování na inflaci v eurozóně

Abstract

The aim of this bachelor thesis is to evaluate the impact of quantitative easing on inflation in the eurozone, through the methods of literary research, benchmarking, analysis, synthesis and correlation. This modern tool of monetary policy is newly used especially in crisis situations, such as for example the global economic crisis and the eurozone debt crisis. Central banks conventional tools do not have the desired effect, because the economy often get into a liquidity trap and so the representatives of monetary policy have to use an unconventional tools. The bachelor thesis is divided into three main parts. In the first, theoretical part is defined inflation, method of its calculation and distribution according to the type of inflation. There is also included the issue of inflation targeting and price stability. The conclusion of theoretical part contains economic and monetary analysis of the ECB. The second part is devoted to the process of quantitative easing in the euro area, Japan, the UK and the USA. There i salso described a problem of liquidity trap or transmission mechanism. Third, practical part, aims to evaluate the impact of quantitative easing and thus includes the main aspects that also have an impact on inflation. The main finding of this thesis is that the greater impact on inflation in the eurozone have market factors such as the oil prices, energy prices and GDP growth. The benefit of this thesis is a comprehensive look at the macroeconomic development in the period of quantitative easing and thus get a better understanding about the inflation development.