Reakce Federálního rezervního systému na ekonomickou krizi

Abstract

This thesis focuses on the reaction and policy of the Federal Reserve System to the economic crises and it is divided into four main chapters (excluding the introduction and conclusion). The first chapter looks into the history of the Federal Reserve System, which describes each single developmental stages of banking in the U.S. and its structure that shows principal executive and governing authorities. The second chapter analyzes monetary policy in general terms, especially its instruments that are divided into direct and indirect. Also are described main goals of the Federal Reserve System and its instruments that are most commonly used for monetary policy. The third chapter deals with financial crisis, its causes and development, discusses the reaction of Federal System Reserve to the crises, its policies and instruments that have been used, one of that instruments is quantitative easing. In the fourth chapter is evaluated quantitative easing policy in according to major stock market indexes in the U.S. and the yield to maturity on U.S. Treasury bonds. The Federal Reserve System thanks to its monetary policy has pushed interest rates at historic lows, causing strong growth in stock markets and its balance sheet more than tripled since the end of 2008.