Měnová politika a problém cenových bublin

The goal of this thesis is to demonstrate why it is so difficult to find answer whether monetary policy should include asset prices into monetary rule and therefore increase financial stability. This is because monetary policy is potentially able to prevent the emergence of price bubbles. However, definition of bubbles is problematic itself, as well as identification, even ex-post. It appears that the inclusion of asset prices in monetary policy can reduce the variability of output, at the cost of increasing variability of inflation. The necessary condition is the ability to influence asset prices through monetary policy and early identification of imbalances. Furthermore, on empirical data from the Czech Republic and the USA is shown in the example of the 2008 crisis, that the central banks can use the warning signals from the market assets (eg. real estate market). But current monetary policy is not focused on financial stability. Macroprudential policy, combined with to some extent discretionary monetary policy represent a real and likely trajectory of future economic policy in the form of a new framework of care for financial stability.