Možnosti a limity monetární politiky v období poklesu ekonomické aktivity v důsledku negativního externího šoku
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Diplomová práce se zabývá reakcí monetární politiky na ekonomický pokles, který vznikl v důsledku pandemie koronaviru SARS-CoV-2 a především protipandemických opatření s ním spojených. Tato opatření vydala vláda, aby omezila šíření viru a chránila tak lidské životy, ale zároveň tím velmi negativně ovlivňovala ekonomiku. Teoretická část práce obsahuje základní definice pojmů, jako jsou monetární politika a hospodářský cyklus s důrazem na ekonomický pokles, dále následuje role monetární politiky v posledních letech a možnosti její reakce na šok, způsobený pandemií. V navazující praktické části jsou analyzovány a porovnány reakce a opatření monetární politiky tří centrálních bank na krizi, kterou pandemie Covidu-19 v letech 2020 a 2021 způsobila. Analyzovanými bankami jsou Česká národní banka, jakožto centrální banka České republiky a dále světově významné centrální banky ECB a Federální rezervní systém. Reakce analyzovaných bank byla nezvykle rychlá a rozsáhlá, centrální banky tímto způsobem přispěly k zvládnutí krize a k urychlily obnovu ekonomiky.
The diploma thesis deals with the response of monetary policy to the economic downturn, which arose as a result of the pandemic of the coronavirus SARS-CoV-2 and especially against the pandemic measures associated with it. These measures were issued by the government to limit the spread of the virus and thus protect human lives, but at the same time have a very negative effect on the economy. The theoretical part of the thesis contains basic definitions of terms such as monetary policy and the economic cycle with emphasis on the economic downturn, followed by the role of monetary policy in recent years and the possibility of its response to the shock caused by the pandemic. The following practical part analyzes and compares the responses and monetary policy measures of the three central banks to the crisis caused by the Covidu-19 pandemic in 2020 and 2021. The analyzed banks are the Czech National Bank, as the central bank of the Czech Republic, and the world significant central banks the ECB and the Federal Reserve System. The response of these banks was unusually rapid and extensive, with central banks thus helping to manage the crisis and speeding up economic recovery.
The diploma thesis deals with the response of monetary policy to the economic downturn, which arose as a result of the pandemic of the coronavirus SARS-CoV-2 and especially against the pandemic measures associated with it. These measures were issued by the government to limit the spread of the virus and thus protect human lives, but at the same time have a very negative effect on the economy. The theoretical part of the thesis contains basic definitions of terms such as monetary policy and the economic cycle with emphasis on the economic downturn, followed by the role of monetary policy in recent years and the possibility of its response to the shock caused by the pandemic. The following practical part analyzes and compares the responses and monetary policy measures of the three central banks to the crisis caused by the Covidu-19 pandemic in 2020 and 2021. The analyzed banks are the Czech National Bank, as the central bank of the Czech Republic, and the world significant central banks the ECB and the Federal Reserve System. The response of these banks was unusually rapid and extensive, with central banks thus helping to manage the crisis and speeding up economic recovery.
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Covid-19, monetární politika, krize, Česká národní banka, Evropská centrální banka, Federální rezervní systém, Covid-19, monetary policy, crisis, Czech National Bank, European Central Bank, Federal Reserve System