Učinkovitost izvajanja denarne politike v okolju »ničelne spodnje meje« obrestnih mer centralne banke

Pavlič, Mateja

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Title:	Učinkovitost izvajanja denarne politike v okolju »ničelne spodnje meje« obrestnih mer centralne banke
Authors:	ID Pavlič, Mateja (Author) ID Markovič Hribernik, Tanja (Mentor) More about this mentor...
Files:	MAG_Pavlic_Mateja_2016.pdf (1,47 MB) MD5: A3308D4047C683B947C58D29A4FBCA94
Language:	Slovenian
Work type:	Master's thesis
Typology:	2.09 - Master's Thesis
Organization:	EPF - Faculty of Business and Economics
Abstract:	Svetovne centralne banke so po finančni krizi v 2007 znižale ključne obrestne mere, ki so do leta 2015 dosegle ravni blizu nič. Nominalna obrestna mera je omejena z ničelno spodnjo mejo, pri kateri je nadaljnje ukrepanje centralne banke z zniževanjem obrestne mere omejeno. Centralna banka ima sicer še vedno na voljo druge ukrepe ekspanzivne denarne politike, s katerimi lahko spodbudi rast gospodarstva in inflacije ob njuni odsotnosti, vendar mora biti za uspešnost teh ukrepov zagotovljena odzivnost obrestnih mer na tovrstne ukrepe. Potencialno odzivnost obrestnih mer oziroma tržnih donosnosti državnih obveznic Nemčije, Italije in Španije na objave makroekonomskih podatkov smo merili s pomočjo regresijske enačbe, s čimer smo želeli prikazati potencial za uspešnost ekspanzivne denarne politike v Evrosistemu, kljub znižanju ključne obrestne mere Evropske centralne banke blizu ničelne spodnje meje po letu 2012. Ugotovili smo, da je odzivnost tržnih donosnosti Nemčije v obdobju ničelne spodnje meje obrestne mere zmanjšana, medtem ko so tržne donosnosti Italije in Španije, kakor tudi nemške tržne donosnosti na daljšem delu krivulje, kljub ničelni spodnji meji obrestne mere še vedno odzivne na objave gospodarskih podatkov.
Keywords:	denarna politika, ničelna spodnja meja, obrestnih mer, ključna obrestna mera, tržne donosnosti državnih obveznic, Nemčija, Italija, Španija
Place of publishing:	Maribor
Publisher:	[M. Pavlič]
Year of publishing:	2016
PID:	20.500.12556/DKUM-57708
UDC:	336.78
COBISS.SI-ID:	12384796
NUK URN:	URN:SI:UM:DK:VGZLR8ZL
Publication date in DKUM:	05.07.2016
Views:	2006
Downloads:	224
Metadata:
Categories:	EPF
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Secondary language

Language:	English
Title:	Monetary Policy Effectiveness in a Zero Lower Bound Rate Environment
Abstract:	After the severe financial crisis in 2007, global central banks lowered their key interest rates closer to the zero lower bound. As the nominal interest rate is bounded by zero, the central bank might be constrained to implement further measures of expansionary monetary policy, effectively. However, there are still some alternative, non-standard measures available which can be introduced to spur the economic activity and inflation. For these measures to be effective, interest rates need to be responsive despite the key interest rates being at the zero lower bound. We measure the responsiveness of interest rates on the basis of German, Italian and Spanish government bond yields’ responsiveness to major macroeconomic data announcements. The analysis shows that while German short-term government bond yields are less responsive as the zero lower bound might bind, the long-term bond yields remain responsive to major macroeconomic data announcements. Moreover, Italian and Spanish government bond yields along the curve remain responsive to macroeconomic announcements in spite of the ECB’s key interest rate being at or close to the zero lower bound.
Keywords:	monetary policy, zero lower bound, key interest rate, government bond yield, Germany, Italy, Spain

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