Kvantitativní uvolňování jako forma nekonvenční monetární politiky ve Spojeném království

Abstract

In response to the economic crisis in March 2009 the Bank of England proceeded to unconventional monetary policy of quantitative easing, which means assets purchases from the central bank. The aim of the thesis is to find out to whichextent the quantitative easing influenced real gross domestic product (GDP) in the United Kingdom. For the analysis, estimate of the multivariate regression model by the least squares method and the quarterly data for the period 1998 to 2017 are used. The thesis is divided into five chapters. The first chapter is an introduction to the thesis, in the second chapter a theoretical insight into the issue of quantitative easing and its transmission mechanism are outlined. In the third chapter the theoretical description of procedure and methods of econometric modeling are described. In the fourth chapter a model is formulated, which is subsequently statistically, econometricy and economically verified. The fifth chapter is the conclusion. The results of the analysis indicate that growth of monetary aggregate and stock market prices, as well as the valorization of the domestic exchange rate and GDP growth of past period had an impact on the real GDP growth of the United Kingdom during the reported period.