Kvantitativní uvolňování měnové politiky Federálního rezervního systému a jeho vliv na ceny komodit

Abstract

This thesis is devoted to the quantitative easing monetary policy of the Federal Reserve System and its potential impact on commodity prices. This work verifies the hypothesis that the Fed's announcements related to the rounds of QE have in the monitored period an impact on commodity prices represented by selected commodity index. A linear regression model with a dummy variable representing the announcement regarding this roundwas created for each round of QE. The hypothesis was verified for the announcements associated with the first round of QE. In response to this announcement there was a statistically significant decrease in the commodity index.In the second and third round in the monitored period no impact of the announcements of the Fed on commodity index was found. The decline in commodity index associated with announcements of the first round of QE was most likely due to the fact that investors consider this announcement as a signal of weak economic conditions in the U.S.,and that led to fears of a decline in demand for commodities.