Izazovi nekonvencionalne monetarne politike Sustava federalnih rezervi

master's thesis

• Title (english): The challenges of the Federal Reserve's unconventional monetary policy
• Author: Rafael Paul Ostojić
• Mentor: Marijana Ivanov (mentor)
• Committee member: Martina Solenički (predsjednik povjerenstva)
• Committee member: Gordana Kordić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2022-12-14, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Prijetnja zamke likvidnosti i problem efektivne donje granice navele su Sustav federalnih
rezervi i ostale velike centralne banke na korištenje nekonvencionalnih mjera monetarne
politike pri čemu se najviše koncentriraju na programe kupnje vrijednosnih papira i politiku
budućih smjernica. Upotreba ovih mjera popularizirala se tijekom Globalne financijske krize,
a ponovno su aktualizirane u odgovoru na COVID-19 pandemiju. Nekonvencionalna
monetarna politika pokazala se efikasna u snižavanju kamatnih stopa, poticanju ekonomije i
pružanju likvidnosti bankarskom sustavu i općenito financijskom sustavu. Također, utjecaj
nekonvencionalne monetarne politike ogleda su rastu cijena imovine i novčane ponude što
implicira i potencijalni utjecaj na inflaciju u 2021. i 2022. godini. Cilj istraživanja je prikazati
efikasnost ovih mjera tijekom Globalne financijske krize i pandemije te problematizirati
potencijalnu vezu između nekonvencionalnih mjera monetarne politike i inflacije. Metodama
analize, sinteze, klasifikacije i komparacije u istraživanju je zaključeno da pozitivni efekti
nekonvencionalne monetarne politike nadmašuju negativne te da je aktualna inflacija rezultat
ponajviše poremećenih lanaca nabave i rapidnog oporavka agregatne potražnje.

Abstract (english)

The threat of a liquidity trap and the problem of the effective lower limit have led the major
central banks to use unconventional monetary policy measures, where they mostly concentrate
on asset purchase programmes and forward guidance. The use of these measures became
popular during the Global Financial Crisis, and they have been revived again in response to the
COVID-19 pandemic. Unconventional monetary policy has proven to be effective in lowering
interest rates, stimulating the economy and providing liquidity to the banking system and the
financial system in general. Also, the impact of unconventional monetary policy is reflected in
the growth of asset prices and money supply, which implies a potential impact on inflation in
2021 and 2022. The goal of the research is to show the effectiveness of these measures during
the Global Financial Crisis and the pandemic and to problematize the potential connection
between unconventional monetary policy measures and inflation. Using the methods of
analysis, synthesis, classification and comparison, the research concluded that the positive
effects of unconventional monetary policy outweigh the negative ones and that the current
inflation is the result of disrupted supply chains and the rapid recovery of aggregate demand.

• Keywords: nekonvencionalna monetarna politika; Globalna financijska kriza; inflacija; Sustav federalnih rezervi
• Keywords (english): unconventional monetary policy; Global Financial Crisis; inflation; The Federal Reserve
• Language: croatian
• URN:NBN: urn:nbn:hr:148:390270
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2022-12-14 11:54:59