| Abstract [eng] |
The main objective of this research is to determine the impact of the Fed's quantitative easing on the US economy during the COVID-19 pandemic. The work consists of three main parts: analysis of literature, quantitative research and discussion of results, and conclusions and recommendations. In the part of literature, the author examines quantitative easing as an "innovative" tool of unconventional monetary policy. Based on research conducted by various authors, the author examines the relationship between quantitative easing and US economic indicators - inflation, GDP and unemployment; and examines the impact of quantitative easing on the stock market and the dollar exchange rate fluctuation. Given that quantitative easing is increasingly used during expansionary monetary policy, it remains one of the most relevant topics in today's economy. The growth of the US economy depends on quantitative easing and its scope, not only in the short term, but also in the long term. In the research part of the work, the author briefly reviews the situation in the US economy and financial market after the start of the COVID-19 pandemic, and moves on to correlation, regression and VAR analysis. The author uses the size of the Fed's balance sheet as an indicator of quantitative easing, and performs correlational and regression analysis between the Fed's balance sheet and three variables: CPI, GDP and unemployment. In the end, the author summarizes the research results and concludes that the FED's quantitative easing had both positive and negative effects on the US economy during the pandemic. |
