The thesis deals with relation between central bank independence and accountability. The relation is examined on example of quantitative easing implemented in the period 2005 - 2016 by the European central bank and the Federal Reserve System. From the theoretical and practical point of view the thesis proves that the relation between central bank independence and accountability are influenced by the specification of targets of monetary policy to a great extent. The thesis also proves that the specific definition of both central bank independence and accountability influenced the characteristics of quantitative resp. credit easing. Moreover, such monetary policy can potentially endanger the independence of both central banks in many ways. Thus, the implementation of quantitative easing itself and its potential consequences evidences that the contemporary conception of central bank independence and accountability is insufficient and needs to be reviewed.

The aim of this thesis is to document the importance of liquidity resources of central banks during banking panics and financial crises and analysis of the development of LLR function. We examined three historical examples: the banking panic of 1866, the Great Depression and the current financial crisis, and we focused on the interaction between the demand for liquidity on the one hand and the supply of liquidity by central banks on the other. On the wide historical background we also analysed the changes in the function of LLR. We present that a restrictive monetary policy during financial market distortions may lead to further disturbances and cause serious recession. The analysis of the BoE during 1866 and of the FED between 2007 and 2009, on the contrary shows that the expansionary stance and considerably endogenous liquidity supply are able to reduce financial market's distortions and mitigate possible recession. Analysis of FED's reaction also indicated that should the LLR remain efficient, central banks must expand their instruments portfolio.

The master´s thesis is about the conceptions of the Czech National Bank, the Federal Reserve System, the European Central Bank and People's Bank of China. It focuses on the comparison of these conceptions with the created universal model of the central bank and its parameters, and finds out that the selected central banks are lot away from this model. Important is also a perspective of the Czech National Bank after joining the euro area and the fact that at this moment her role will be replaced by the European Central Bank. The European Central Bank, compared with the Federal Reserve and the People's Bank deviates the least from its inflation target and therefore is pretty close to reach a price stability. However, ECB clearly financed some government debts, and that is inconsistent with the law. In conclusion can be noted that the central banks of the Czech Republic, the United States and the euro area reach the high level of freedom and are independent of the other components of state power and vice versa People's Bank of China remains strongly dependent on the executive power.

The aim of the thesis is to evaluate the effectiveness of measures taken by the Federal Reserve System in response to the 2007 financial crisis that was later joined by economic crisis. It analyzes effects caused by modification of existing programs, creation of new credit programs, support of systemically important institutions by the Fed and programs of outright purchase of selected assets on the open market. The thesis also examines the behavior of the Fed in setting of a target interest rate in longer term, from 2000 to 2011. The thesis verifies the validity of the Taylor rule of monetary policy by using regression analysis. Appendix at the end of the thesis emphasizes the importance of the U.S. dollar in the current international monetary system and the associated implications for the external stability of the U.S. economy.

This thesis concerned with certain problems in the U.S. financial market during the financial crisis. In the theoretical part of this thesis, I deal with the formation of U.S. banking and regulation and supervision until its present form. In this part of the work are described in detail circumstances that lead to foundation of the Federal Reserve system, and also the origins of Great Depression. The practical part is focused on the analysis of the causes of the global financial crisis. Especially the U.S. real estate market, asset securitization and credit rating agencies. In the final part of this work are described in detail the measures taken by the U.S. government in the form of law "Dodd-Frank Wall Street Reform and Consumer Protection Act".

This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the 'first line of defence for the dollar' as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.

The purpose of my assignment is to summarize facts, thoughts and assumptions and provide Progressive Era analyses in relation to the 1912 presidential elections. The respective campaigns of Theodore Roosevelt and Woodrow Wilson can -- in general terms - be considered as a contest between the theoretical and the practical. This was evident in their varying approaches to both economic and social issues. Even within the Progressivism there were different points of view on the liberalism in the American democracy and strategic issues such as tax, customs duties and anti-monopoly policies. I will specifically examine this disparity in context of the social struggle between concentrated and organized capitalism and the progressive labor movement. Who were the people designing their election platforms, defining the state politics and consequently creating the rules? What was their vision? And what assumptions underlined their thinking? Have their ideas and its application in politics been successful? Finally, what was their political legacy in American society today?

This dissertation examines the political, social, and economic responses to the end of the Bretton Woods system from 1971-1988 in the United States. It offers a “pre-history” of globalization which focuses on a period when international economic entanglement became a question of serious political debate within the U.S., but before “globalization” became common parlance. Contemporaries referred to the world after Bretton Woods as newly characterized by “interdependence,” a concept which highlighted vulnerability to external economic forces and declining national autonomy. This dissertation argues that far from enthusiastically embracing market globalization in this period, U.S. policymakers worked to supervise and manage global integration, and insulate workers, consumers, businesses, and themselves from the full force of the world economy. Restoring domestic social conflict to the center of our understanding of international economic policy, it investigates how labor unions and federations like the UAW and the AFL-CIO, business lobbying organizations like the National Association of Manufacturers and the Chamber of Commerce, and officials in the Treasury, Congress, and the Federal Reserve conflicted over their response to growing economic entanglement deep into the 1980s. It excavates a history of protectionism, planning, subsidies, industrial policy, currency politics, and other forms of state intervention—often driven by elites in the industrial Midwest and Northeast. The result of these collisions was an ambivalent and fragmented national approach to global integration which persisted until more recently than typically assumed. Rather than being driven by a coherent ideological vision for American power, or a clear-cut embrace of neoliberal theory, foreign economic policy was propelled forward by a much more contingent, ad-hoc, and conflictual process across this period. When globalization took on truly historical force in the 1990s, it was not because social conflicts over interdependence had been resolved, but because a more reluctant and resistant approach to global integration had lost its political and institutional foothold.