Central banks at times of financial crisis: Fed vs ECB

Anna Marcoňová

Diplomová práce

Abstract:

The financial crisis of 2007-2008, also known as Global Financial Crisis, was the worst financial crisis since the Great Depression in 1930s. It started in the United States, but it quickly expanded around the world. Some of the world largest financial institutions have collapsed, some have been saved by the government rescue packages.It is usually very hard, even impossible to predict a financial crisis, because when some characteristics of upcoming crisis are spotted, it is already too late. Therefore, the attention should be focused on early and accurate anti-crisis measures, that can moderate the consequences of the financial crisis, and helping economy to return to pre-crisis level. This thesis is focused on what happened during the crisis, not only the consequences of the crisis, but primarily how an economic institutions reacted. The attention is directed to the central banks, namely the Federal Reserve System and the European Central Bank and their steps taken during the global financial crisis. The financial crisis is researched from a monetary policy point of view. This diploma thesis analyses how monetary policy tools performed by the central banks affected the development of the basic macroeconomic indicators, primarily the price level.

Keywords

financial crisis, FED, European Central Bank, monetary policy, interest rate, price level, reserve requirements, open market operations

Jazyk práce: angličtina

Datum vytvoření / odevzdání či podání práce: 27. 3. 2016

Obhajoba závěrečné práce

• Vedoucí: Ing. Petr Procházka, MSc Ph.D.

Česká zemědělská univerzita v Praze

Provozně ekonomická fakulta

Magisterský studijní program / obor:
Economics and Management / Economics and Management