03685ntm a22005297i 4500 000302562 CZ-PrVSE 20160120223930.0 m d cr n|||||||||| 160120s2015 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 rda Šetková, Lenka ISIS:87492 dis Unconventional monetary tools adopted by ECB and FED from 2008 until 2014 eng Unconventional monetary tools adopted by ECB and FED from 2008 until 2014 / Lenka Šetková 2015 ?? s. : digital, PDF soubor Vedoucí práce: Pavel Hnát Diplomová práce (Ing.)—Vysoká škola ekonomická v Praze. Fakulta mezinárodních vztahů, 2016 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2016 Both the ECB and the Fed implemented various unconventional measures in response to the last crisis. While the ECB's policies were based on direct lending to banks, the FED adopted large-scale asset purchases. According to the empirical evidence these policies had economically beneficial effects in the US and the Eurozone but these measures have also certain spillovers which scope and exact impacts are quite difficult to estimate. There have been already many papers focusing on cross-border impacts of the FED's policies, but far less studied the spillovers of the ECB's policies. This work provides a theoretical background concerning the unconventional monetary policies implemented by the ECB and the FED after 2008 and analyse the impacts of ECB's policies on six particular countries outside euro area. The Impulse Responses of output, inflation, domestic interest rate and exchange rate are analyzed via block-restricted VAR model. My results confirm that euro area monetary policy does have an impact on non-euro area countries, although the response of macroeconomic variables in analysed countries are heterogeneous and also differ in the period before and after September 2008. Countries seem to be indeed affected more by conventional monetary policies until September 2008, but the euro-area monetary policy spills over via unconventional policies after September 2008. Overall, the ECB's policies affect economic activity outside euro area, but does not have significant impact on inflation. Furthermore, the exchange rate just initially drops in response to monetary tightening, but this reaction usually does not last for more than four months. Způsob přístupu: Internet economics of globalisation and european integration [obor dipl. práce] diplomové práce fd132022 czenas master's theses eczenas unconventional monetary policy VARs ECB monetary policy FED shadow rate Hnát, Pavel, 1981- mzk2006363772 ths Clayes, Peter opn Vysoká škola ekonomická v Praze. Fakulta mezinárodních vztahů kn20010709400 dgg https://isis.vse.cz/zp/53738/podrobnosti VŠKP v InSIS https://isis.vse.cz/zp/53738 Hlavní práce https://isis.vse.cz/zp/53738/posudek/vedouci Hodnocení vedoucího https://isis.vse.cz/zp/53738/posudek/oponent/45276 Oponentura https://isis.vse.cz/zp/53738/podrobnosti dc:identifier NEPOSILAT VSKP vse53738 160112 53738