Nekonvenčné nástroje monetárnej politiky

This Diploma thesis deals with unconventional monetary policy tools, specifically with quantitative easing and its impact on two macroeconomic variables – GDP and inflation. Unconventional monetary policy has been mostly implemented since last financial crisis broke out in 2008 and has replaced the traditional but inefficient interest rate policy because of low interest rate environment. The main aim of the thesis is to evaluate macroeconomic effects of quantitative easing according to previously empirically estimated effects of QE between 2010 and 2018 and to identify the differences of these effects among three concerned economies – the USA, the United Kingdom and Euro area using linear regression. The question of effectiveness of QE’s impact on macroeconomic variables is answered in accordance with the main findings of the thesis and some related recommendations for future implementation of economic policy are made