Unconventional Monetary Policy Tools - Description and Evaluation of their Efficiency
| Thesis title in Czech: | Nekonvenční nástroje měnové politiky- přehled a vyhodnocení úspěšnosti |
|---|---|
| Thesis title in English: | Unconventional Monetary Policy Tools - Description and Evaluation of their Efficiency |
| Key words: | měnová politika; nástroje měnové politiky; nekonvenční měnová politika; kvantitativní a kvalitativní uvolňování; kurzový závazek |
| English key words: | monetary policy; monetary policy tools; unconventional monetary policy; quantitative and qualitative easing; exchange rate commitment |
| Academic year of topic announcement: | 2017/2018 |
| Thesis type: | Bachelor's thesis |
| Thesis language: | angličtina |
| Department: | Institute of Economic Studies (23-IES) |
| Supervisor: | PhDr. Michal Hlaváček, Ph.D. |
| Author: | hidden - assigned by the advisor |
| Date of registration: | 22.03.2018 |
| Date of assignment: | 22.03.2018 |
| Date and time of defence: | 10.06.2019 09:00 |
| Venue of defence: | Opletalova - Opletalova 26, O105, Opletalova - místn. č. 105 |
| Date of electronic submission: | 08.05.2019 |
| Date of proceeded defence: | 10.06.2019 |
| Opponents: | Nino Buliskeria, Ph.D. |
| URKUND check: | |
| References |
| Bank for International Settlements: Unconventional monetary policies: a re-appraisal. [online]. Available on https://www.bis.org/publ/work570.pdf
SHEEDY, K., D. (2017): Conventional and Unconventional Monetary Policy Rules. London School of Economics. [online]. Available on http://personal.lse.ac.uk/sheedy/papers/ConventionalAndUnconventionalMPRules.pdf CASELLI, F., G. (2017): Did the Exchange Rate Floor Prevent Deflation in the Czech Republic? IMF Working Paper. [online]. Available on https://www.imf.org/en/Publications/WP/Issues/2017/09/20/Did-the-Exchange-Rate-Floor-Prevent-Deflation-in-the-Czech-Republic-45249 WU, J., C.; XIA, F., D. (2014): MEASURING THE MACROECONOMIC IMPACT OF MONETARY POLICY AT THE ZERO LOWER BOUND. National Bureau of Economic Research. [online]. Available on http://www.nber.org/papers/w20117.pdf BRŮHA, J.; TONNER, J. (2017): An Exchange Rate Floor as an Instrument of Monetary Policy: An Ex-post Assessment of the Czech Experience. CNB Working Paper. [online]. Available on http://www.cnb.cz/miranda2/export/sites/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2017_04.pdf |
| Preliminary scope of work in English |
| Research question and motivation
First part of the thesis will be dedicated to the description and analysis of the main unconventional monetary policy tools such as quantitative easing, qualitative easing, credit easing and forward guidance. The analysis will mainly aim to answer the following questions: What were the effects of the implementation of unconventional monetary policy tools after the financial crisis? Were they effective (at least to some extent)? Did they substantially differ from country to country? The second part will discuss the CNB´s exchange rate commitment and will focus on answering the following questions: What lessons can we draw from it? What were the differences between CNB´s case and SNB´s case? Contribution There has been much research about this topic in recent years resulting in the presence of an extensive number of research papers. The main contribution of the first part of this thesis is to present their results in a comprehensible manner along with the implementation of most recent findings. Second part of the thesis will be dedicated to the discussion of CNB´s exchange rate commitment which still remains a very actual topic. Nevertheless, not much have been written about the appropriateness of CNB´s decisions in terms of other central banks. Thus, a comparison between the approaches of CNB and SNB should enrich the discussion about this problematics. Methodology The thesis will examine quantitative and qualitative changes in balance sheets of different central banks (ECB,Fed,BoE,BoJ) after the implementation of unconventional monetary policy tools in order to assess the efficiency of unconventional balance sheet policies. Furthermore, it will introduce and describe other selected methods which are commonly used for the assessment of unconventional monetary policy efficiency (VAR,DSGE,SRTSM etc.) along with the presentation of the results based on most recent research papers. Outline Abstract.Introduction. Description of unconventional monetary policy tools and their effects on economy along with the comparison of different central banks approaches. Description of selected methods (VAR,DSGE,SRTSM etc.) followed by the assessment of efficiency of unconventional monetary policy tools. Exchange rate commitment – CNB and SNB case. Conclusion. List of references. |