Fed's and ECB's monetary policy during the crisis - differences and their reasons
| Thesis title in Czech: | Měnová politika ECB a Fedu během krize - rozdíly a jejich příčiny |
|---|---|
| Thesis title in English: | Fed's and ECB's monetary policy during the crisis - differences and their reasons |
| Key words: | měnová politika, nekonvenční nástroje, bilance centrální banky |
| English key words: | monetary policy, unconventional tools, central bank's balance sheet |
| Academic year of topic announcement: | 2012/2013 |
| Thesis type: | Bachelor's thesis |
| Thesis language: | angličtina |
| Department: | Institute of Economic Studies (23-IES) |
| Supervisor: | doc. Mgr. Tomáš Holub, Ph.D. |
| Author: | hidden - assigned by the advisor |
| Date of registration: | 22.02.2013 |
| Date of assignment: | 09.05.2013 |
| Date and time of defence: | 18.06.2014 00:00 |
| Venue of defence: | IES |
| Date of electronic submission: | 15.05.2014 |
| Date of proceeded defence: | 18.06.2014 |
| Opponents: | Mgr. Václav Franče, M.A. |
| URKUND check: | |
| References |
| BOFINGER, Peter. Monetary policy: goals, institutions, strategies, and instruments. Oxford:
Oxford University Press, 2006, xxi, 454 p. ISBN 01-992-4057-4. COUR-THIMANN, P. and B. WINKLER. The ECB's non-standard monetary policy mea- sures: the role of institutional factors and �financial structure. Oxford Review of Economic Policy. 2013-02-27, vol. 28, issue 4, pp. 765-803. DOI: 10.1093/oxrep/grs038. Available at: http://oxrep.oxfordjournals.org/cgi/doi/10.1093/oxrep/grs038 GAMBACORTA, L., HOFMANN, B., and PEERSMAN, G. The Eff�ectiveness of Un- conventional Monetary Policy at the Zero Lower Bound: A Cross-Country Analysis , BIS Working Paper 384 (2012). Available at: http://www.bis.org/publ/work384.pdf LABONTE, M. Federal Reserve: Unconventional Monetary Policy Options, Congressional Research Service , pp. 36, February 2013. Available at: http://www.fas.org/sgp/crs/misc/R42962.pdf LENZA, M., PILL, H. and REICHLIN, L. Monetary policy in exceptional times, Economic Policy, vol. 25, n. 62, pp. 295-339, April 2010. Available at: http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0327.2010.00240.x/pdf |
| Preliminary scope of work |
| Celý svět se v roce 2007 ponořil do krize a centrální banky se staly klíčovými hráči v zachraňování ekonomik od pohromy. Centrální banky použily nejen běžné, ale i nekonvenční politiky k dosažení stability.
Tato práce se zaměří na dvě hlavní centrální banky, tedy Evropskou centrální banku(ECB) a Federální rezervní systém (FED) a jejich monetární politiku během krize. Náplní této práce je ukázat rozdíly v řešení různých situací a důvody, které vedly centrální banky k provedení daných opatření. V první části této teze představím ECB a FED a také teoretické pozadí monetární politiky. Poté plánuji věnovat část této práce ekonomické výkonnosti Eurozóny a Spojených států amerických a zachycení hlavních makroekonomických ukazatelů. Zbývající část se bude zabývat monetární politikou ECB a FEDu během krize. V poslední kapitole budou diskutovány rozdíly v přístupu těchto dvou institucí a učiněn obecný závěr. |
| Preliminary scope of work in English |
| In 2007, the whole world plunged into a crisis and central banks became crucial players in saving the economies from disaster. Central banks used not only commonly known policies, but also unconventional ones to achieve stability.
This thesis will focus on two major central banks, (i.e.) the European Central Bank (ECB) and the Federal Reserve System (FED), and their monetary policy during the crisis. The aim of this work is to show the diff�erences between these two central banks in handling various situations and the reasons that forced the central banks to take respective measures. In the �first part of this thesis, I will introduce ECB and FED and also give a theoretical background of monetary policy. Afterwards I intend to devote a piece of this work to the economic performance of the Eurozone and the United States of America and detection of major macroeconomic indicators. The remaining part will deal with ECB's and Fed's monetary policy during the crisis. In the �final chapter, di�fferences in the approaches of these two institutions will be discussed and a general conclusion made. Outline 1. Introduction 2. Theoretical background 3. Economic performance of the Eurozone and the U.S. before and during the crisis 4. Monetary policies of ECB and FED during the crisis 5. Conclusion |