The premise of this paper is that in a monetary production economy, policy decisions of the central bank, or more generally the 'monetary authority', set the tone not only for nominal interest rates but also for 'real' interest rates defined in the usual way. This is a different question than that of which institution(s) acquire the status of monetary authority at any particular stage of socioeconomic or technological development. Rather the suggestion is that the existence of some such social structure is a prerequisite if anything resembling capitalist monetary production is to be viable. The paper demonstrates that a coherent macroeconomic theory can be elaborated on this basis, including an explanation of economic growth, the business cycle, inflation, the functional distribution of income, the 'Keynesian' problem of the impact of demand growth on economic growth, endogenous money, cumulative causation, and endogenous technical change. (author's abstract) / Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

Otto Beisheim School of Management, Habil.-Schr.--Vallander, 2006.

This thesis deals with economical development of Euro Area and related structural imbalances and systemic weaknesses. As a region with common monetary policy Euro Area serves as a prime example of consequences of not fulfilling theoretical conditions which are needed for proper functioning of Optimal Currency Area concept. Current economical crisis fully revealed these imperfections and divergence process which deepened dtrucvtural differences between core and peripheral countries. My thesis will describe concept of Optimal Currency Area and international adjustment processes. Cardinal part of thesis will contain description and analysis of economical development of core and peripheral countries within Euro Area since its establishment to present with focus on revealed macroeconomical imbalances. Main aim is to show and analyze major economical causes of present crisis. In the end of thesis possible solutions and reforms designed to prevent similar development in the future will be presented.

This diploma thesis deals with the global financial crisis of 2007 to the present moment and monetary policy, which at that time was applied by the Czech National Bank and the European National Bank. It also analyzes the behavior of the two selected banks in the Czech Republic during that period and evaluates how they dealt with the crisis. Finally, suggestions on measures of central banks are stated.

This master thesis deals with current monetary policy in the world. The monetary policy belongs to the basic components of the economy and the economic policy. In today`s world economy, still recovering from the recent financial and economic crisis, many people look up to the monetary policy as a possible remedy for standstill economy. At first, this thesis presents standard monetary policy. Then, the analysis of the current monetary policy in the centres of the world economy, which means the USA, Europe and Japan, is carried out. From the analysis the main problems of current monetary policy emerge and then new tools and solutions implemented by various central banks for the purpose of solving these problems are analysed. At the end other possibilities of the monetary policy are presented in theory.

This thesis examines the effects of monetary policy shocks on the housing market. To this end, TVP-VAR model with dynamic dimension selection and stochastic volatility is estimated using monthly data for the United States over the period 1999-2017. Moreover, the model features estimating the optimal value of the Bayesian shrinkage coefficient in a time-varying manner. Since the sample covers the Zero Lower Bound period, Wu-Xia shadow rate is employed to measure the stance of monetary policy. To assess the link between housing variables and monetary policy, impulse responses and forecast error variance decompositions are provided. However, due to the time-varying nature of the model, they are estimated only for selected time periods that correspond both to the events that most likely influenced the path of macroeconomic and financial variables and to periods of low economic uncertainty. The main results are threefold. First, the model suggests that monetary policy shocks can contribute to developments in house prices. Second, the stimulative monetary policy positively affects residential investment and negatively affects mortgage rates, however, the effects are not significant due to the large confidence bands of the impulse responses. Third, higher values of the shrinkage hyperparameter are crucial for...