Monetární politika Federálního rezervního systému a Evropské centrální banky v souvislosti se soudobou ekonomickou krizí

Abstract

The aim of this work is comaprison fo Mostary policy by the Federal Reserve Systém and European Central Bank. These measures are monitored and compared in the context of the global economic crisis for the time period from 2007 to the first quarter of 2013. The theoretical part deals with the role of central banks in the economy and the objectives and instruments of monetary policy. The following is a description of the global economic crisis, it´s development and impact on the United States and the euro area. The aim of the practical part is the comparison of monetary policy, both central banks have adopted because of the crisis. The work shows that both central banks in response to the crisis have chosen almost the same procedure as in reducing the basic interest rates and in the application of unconventional monetary policy. But it is possible to observe differences in the extent and manner of use of anti-crisis measures. It´s also observed the influence of the monetary policy of the FED and the ECB on prices of gold and oil, the monetary base, yields on long-term government bond and stock markets.