Orientace monetární politiky Bank of England

Abstract

The diploma thesis is dedicated to the question if the Bank of England and its monetary policy is more similar to the European Central Bank or the Federal Reserve System. The historical and comparative analyses are used to find the differences between concepts, structures and monetary policy moves adopted in the reaction of the financial crisis in 2008/2009. The regression analysis, where time series from 2000 to 2014 are used, helps to estimate in what direction the monetary policy variables (the inflation rate, the interest rate, the money supply, the real effective exchange rate) influence the real GDP. There are more similar theoretical characters and adopted moves between Bank of England and Federal Reserve System from the perspective of the historical and comparative analyses. Despite of this fact, the reaction of the real economy on monetary policy variables is more similar in the european region.