會計作為企業的語言，必須忠實表達企業在期間內的經營成果、財務狀況與現金流量，而物價波動可能導致的資訊扭曲，對外會計報表的允當性面臨挑戰，對內可能導致錯誤的決策，最終將侵害股東的權益，嚴重影響企業的發展與存續。 通貨膨脹會侵蝕以本國貨幣表示的金額、納稅義務的價值及衡量稅基的影響，若沒有經過適當的調整可能會破壞整體稅務體系，不是導致虛盈實稅的現象就是為納稅義務人提供無止盡的避稅管道，嚴重影響國家財政。 近期，美國、歐洲及日本等世界經濟強權為了扭轉國內經濟頹勢，採取貨幣寬鬆政策以期增加民間消費，而高度仰賴國際貿易的台灣，也可能受到貨幣寬鬆政策的影響。本研究蒐集國內外文獻，探討通貨膨脹對財、稅的影響，主張國內應重視通貨膨脹會計的建置及課稅所得的調整。 / Accounting information must reveal companies’ result of operation, financial conditions and cash flow. Price fluctuations, however, could distort the information, challenging the faithfulness of financial statements and leading to improper decisions. Eventually, it will erode stockholders’ right and impair the development of enterprises. Inflation could erode the amounts expressed in national currency, the value of tax obligations and the measurement of tax bases. Without proper adjustment of inflation, it may destroy the tax system, such as providing countless measures for tax avoidance which result in significant impact on national finance. Recently, economic superpower, like the U.S, the EU or Japan adopt monetary quantitative easing policy to stimulate private consumption in order to reverse the depression of the domestic economy. Taiwan, an international-trade-oriented country may be involved in the spillover effects. In this study, we collect literatures and study the impact of inflation on both financial reporting and tax. Our conclusion is that we should pay more attention to construct inflation accounting and the adjustment system on taxable income.

Equity Risk Premium (ERP) is the cornerstone in Financial Economics. It is a basic requirement in stock valuation, evaluation of portfolio performance and asset allocation. For the last decades, several studies have attempted to investigate the relationship between macroeconomic drivers of ERP. In this work, I empirically investigate the macroeconomic determinants of UK ERP. For this I parsimoniously cover a large body of literature stemming from ERP puzzle. I motivate the empirical investigation based on three mutually exclusive theoretical lenses. The thesis is organised in the journal paper format. In the first paper I review the literature on ERP over the past twenty-eight years. In particular, the aim of the paper is three fold. First, to review the methods and techniques, proposed by the literature to estimate ERP. Second, to review the literature that attempts to resolve the ERP puzzle, first coined by Mehra and Prescott (1985), by exploring five different types of modifications to the standard utility framework. And third, to review the literature that investigates and develops relationship between ERP and various macroeconomic and market factors in domestic and international context. I find that ERP puzzle is still a puzzle, within the universe of standard power utility framework and Consumption Capital Asset Pricing Model, a conclusion which is in line with Kocherlakota (1996) and Mehra (2003). In the second paper, I investigate the impact of structural monetary policy shocks on ex-post ERP. More specifically, the aim of this paper is to investigate the whether the response of UK ERP is different to the structural monetary policy shocks, before and after the implementation of Quantitative Easing in the UK. I find that monetary policy shocks negatively affect the ERP at aggregate level. However, at the sectoral level, the magnitude of the response is heterogeneous. Further, monetary policy shocks have a significant negative (positive) impact on the ERP before (after) the implementation of Quantitative Easing (QE). The empirical evidence provided in the paper sheds light on the equity market’s asymmetric response to the Bank of England’s monetary policy before and after the monetary stimulus. In the third paper I examine the impact of aggregate and disaggregate consumption shocks on the ex-post ERP of various FTSE indices and the 25 Fama-French style value-weighted portfolios, constructed on the basis of size and book-to-market characteristics. I extract consumption shocks using Structural Vector Autoregression (SVAR) and investigate its time-series and cross-sectional implications for ERP in the UK. These structural consumption shocks represent deviation of agent’s actual consumption path from its theoretically expected path. Aggregate consumption shocks seem to explain significant time variation in the ERP. At disaggregated level, when the actual consumption is less than expected, the ERP rises. Durable and Semi-durable consumption shocks have a greater impact on the ERP than non-durable consumption shocks. In the fourth and final paper I investigate the impact of short and long term market implied volatility on the UK ERP. I also examine the pricing implications of innovations to short and long term implied market volatility in the cross-section of stocks returns. I find that both the short and the long term implied volatility have significant negative impact on the aggregate ERP, while at sectoral level the impact is heterogeneous. I find both short and long term volatility is priced negatively indicating that (i) investors care both short and long term market implied volatility (ii) investors are ready to pay for insurance against these risks.

This dissertation presents the results of research focused on the Austrian business cycle theory (ABCT). The main part of the thesis is an econometrical test of five predictions based on ABCT. I used data on the US economy for period 1967 - 2016, which is the longest time period covered in the Austrian empirical literature so far. Since one of the most important variables for ABCT is so called interest rate gap (the difference between market interest rate and natural interest rate), I use three alternative models of this variable. The results of my empirical tests predominantly confirm theoretical predictions of ABCT. It can be shown that the interest rate gap influenced the relative structure of economic activity and resource allocation in a way predicted by ABCT. I also investigate whether the interest rate gap does have a significant impact on stock market valuations (in terms of aggregate level or relative structure), although the results are mostly statistically insignificant. In addition I also described several possible new distortions which may emerge due to unconventional monetary policy. I argue that these distortions should be of primary interest for researchers engaged in the Austrian research program. I devoted special attention to the specifics of monetary policy regime in Japan, where the Bank of Japan regularly intervenes on the stock market. Another theoretical contribution can be found in the second chapter where I respond to the White's (1999) claim that Hayek implicitly repudiated his own version of ABCT in later part of his career, when proposing free competition in money production. I attempt to show that White's conclusion stems from an inadequate interpretation of Hayek's writings. Finally I provide an alternative interpretation of Hayek's work that reveals the compatibility of his early and late theoretical contributions.

The main aim of this final thesis is to analyze unconventional monetary policy of American central bank, which has been implemented during financial crisis in 2008. Fed used extremely accommodative monetary policy to restore interbank liquidity and to stimulate the real economy. In theoretical part of this thesis is examined the liquidity trap. The thesis describes transmission mechanism of transferring Fed measures to financial markets and real economy as well. Practical part of the thesis analyzes further steps of Federal reserve system, which have been implemented when key interest rates have already been lowered near the zero bound. The thesis is finished by the evaluation of these steps of American monetary authority and behavior of US stock market, which has been directly stimulated and is currently reaching its all-time highs.

The current thesis titled "Credit risk of central bank foreign exchange operations" aims to explain the concept of credit risk and its types from theoretical perspective and to define sources of credit risk that are specific for central banks and which arise from central bank's operations. It also aims at the analysis of possible methods of credit risk limitation. The practical part of this thesis is dedicated to the study of specific sources of credit risk as well as methods of credit risk management which are presented on the examples of the central banks of Great Britain, Japan and the European central bank. Closer attention is also paid to the response of these central banks to the 2008 financial crisis and the impact that this crisis had on the extent of their exposure to credit risk.

This diploma thesis describes the Quantitative easing as an unconvetional tool of the monetary policy. In the first chapter of this thesis there is theoretical analysis of the zero lower bound and also of specific phenomenon that might occur in this situation (the liquidity trap). The second chapter deals with the quantitative easing as a monetary policy with focus on the United States. It summarizes its development during three so called rounds, during which the quantitative easing has been used. This chapter also contains analysis of the entrance and exit strategy of the quantitative easing. In the third chapter, there is an econometric model estimated by ordinary least squares method with robust errors. This model is being used to verify the hypothesis whether the quantitative easing lowered long-term interest rates. The hypothesis has been rejected as the quantitative easing does not have statistically significant effect on any selected long-term bonds.

Objective of this paper is to assess efficacy and feasibility of measures undertaken by the Federal Reserve system during the financial crisis that erupted in the year 2007. Firstly, origin of central banking in USA is described, then structure and mandate of Fed. Discussion of causes of the financial crisis follows. This work sheds light on policies of Fed after the beginning of the crisis and analyzes their efficiency and suitability. The biggest focus is on quantitative easing and on its effects on long-term interest rates.

This study investigates the effect of monetary policy, focusing on repo rate and the expansion of QE programs, on Mergers and Acquisitions activity in publicly listed companies on the Swedish Stock Exchange. The study also investigates whether there are significant relationships between companies’ acquisition activity, their solvency or liquidity ratios. Additionally, the observed firms are categorized into industries to enable examination of differences between industries. The thesis aims at expanding the knowledge of determinant factors in explaining M&A activity on the Swedish market. To adequately determine the influencing factors on activity, 27 years of data was collected on acquiring Swedish firms from the Eikon database. In addition, data for the calculations of solvency and liquidity ratios were gathered from the same database. Data for the monetary policy variables were gathered from the Swedish Central Bank. A deductive quantitative method was used to analyze the various relationships between the studied variables. The study concluded significant correlation between monetary policy and M&A activity, company solvency and M&A activity as well as corporate liquidity and M&A activity. The correlation was negative in all cases except for quantitative easing which opens up for an interesting discussion. Observed industries gave a mixed result in terms of significant relationships but the result also indicate that pro-cyclical industries tend to be more affected by monetary policy than non-cyclicals. All of the above-mentioned relationships are further discussed from the perspective of various theories that both agree and disagree with the findings of this study. The authors believe that these results will give stakeholders a more in-depth knowledge and understanding of M&A activity and M&As in general. This study contributes knowledge to enable more sustainable business administration and management of companies.

Background: The last decades there has been a significant increase in tenant-owned real estate prices in Sweden, which has increased the risk exposure to price fluctuations in the society. Most studies have examined how the determining factors have affected the price development. Few studies have on the contrary examined how regulatory measures and quantitative easing have affected real estate prices and whether there is a conflict of objectives between market operations. Purpose: The purpose of this essay is to analyze which macroeconomic factors affect the average price per square meter for Sweden’s real estate market between 2000-2020. We will analyze whether the central bank of Sweden’s new monetary policy quantitative easing has affected the price per square meter for Sweden’s real estate market. We also investigating whether there is a conflict of objectives between quantitative easing and implemented regulatory measures on real estate prices. Completion: An econometric panel data study has been constructed to be able to analyze the impact of explanatory variables over time. The choice if explanatory variables has been made o the basis of theoretical conjunction based on several theories and previous research. The model has been adjusted for risks that may arise from a combination between panel data and time series analysis.  Conclusions: The result indicate that debt to equity ratio, disposable income, loan to value ratio, amortization, construction, quantitative easing and the policy rate have affected the average price per square meter for Sweden’s real estate market between 2000-2020. The regulatory measures have a negative effect on real estate prices, apart from the variable capital requirement which is non-significant in the model. Quantitative easing based the result presents a positive effect on real estate prices. Therefore, we argue that there occurs a conflict of objectives between the mentioned effects, expansionary monetary policy and regulatory measures. Keywords: Real estate prices, Expansionary monetary policy, Regulatory measures, Quantitative easing, Debt to equity ratio. / Bakgrund: De senaste decennierna har det skett en betydande ökning av bostadspriserna i Sverige, vilket ökat riskexponeringen för prisfluktuationer i samhället. Flertalet studier har undersökt hur bestämmandefaktorer har påverkat prisutvecklingen. Få studier har däremot undersökt hur regulatoriska åtgärder och kvantitativa lättnader påverkat bostadspriset samt om det föreligger en målkonflikt mellan marknadsoperationerna. Syfte: Syftet med denna uppsats är att analysera vilka makroekonomiska faktorer som påverkat det genomsnittliga kvadratmeterpriset för bostadsrätter på Sveriges bostadsmarknad mellan åren 2000–2020. Vi har analyserat om Riksbankens nya penningpolitiska styrmedel kvantitativa lättnader har påverkat kvadratmeterpriset för bostadsrätter. Vi har även undersökt om det föreligger en målkonflikt mellan kvantitativa lättnader och implementerade regulatoriska åtgärder på bostadspriset.   Metod: En ekonometrisk panel data studie har konstruerats för att kunna analysera flertalet förklaringsvariablers påverkan på beroendevariabeln över tid. Valet av förklaringsvariabler har gjorts utifrån teoretiskt samband baserat på flertalet teorier och tidigare forskning. Modellen har justerats för risker som kan uppstå vid kombination av paneldata och tidsserieanalys.  Slutsats: Resultatet indikerar att skuldsättning, disponibel inkomst, bolånetak, amortering, nybyggnation, kvantitativa lättnader och reporäntan påverkat det genomsnittliga kvadratmeterpriset på bostadsrätter i Sverige mellan åren 2000–2020. De regulatoriska åtgärderna har en negativ effekt på bostadspriset, bortsett från variabeln kapitalkrav som är i modellen icke-signifikant. Kvantitativa lättnader utifrån resultatet påvisar en positiv effekt på bostadspriser. Vi kan därför konstatera att det råder en målkonflikt mellan ovan nämnda effekter, expansiv penningpolitik och regulatoriska åtgärder.

The purpose of this study is to examine whether the implementation of quantitative easing (QE) and quantitative tightening (QT) in the United States has detracted from the integrity of the country’s macroeconomic environment. In other words, does QE impact macroeconomic stability? Then, evaluate implications and externalities of stability as they relate to sustainability efforts. QE and QT are relatively new phenomena, understanding their effects and implications for the greater economy is a worthwhile endeavor, not least because QE is a current practice of so many central banks internationally. This study has two parallel investigations; first, a time series analysis conducted with a VAR model investigating the relationship of QE/QT usage by the Federal Reserve (Fed) on the macroeconomic stability of the United States. The data used in this study includes 242 monthly observations spanning January 2003 - February 2023. The second, is an OLS regression analysis evaluating whether macroeconomic stability is potentially correlated with sustainability efforts. For this study, 23 annual observations spanning 1995 – 2017 were used. Due in part to the general unavailability of genuine progress indicator (GPI) data. Based on the analysis conducted using a VAR model at lag t-4, QE has a positive relationship with Producer Price Index (PPI) and Federal Funds Rate (FFR). This is in accord with previous empirical literature on the subject. However, the second path of discovery failed to yield significant results with regard to the link between macroeconomic stability and sustainability efforts. Mention of this study’s limitations as well as avenues for future research can be found in the conclusion of this study.