Foreign Exchange Intervention by the Czech National Bank
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216224%3A14560%2F16%3A00091166" target="_blank" >RIV/00216224:14560/16:00091166 - isvavai.cz</a>
Result on the web
<a href="http://www.sgemsocial.org/" target="_blank" >http://www.sgemsocial.org/</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Foreign Exchange Intervention by the Czech National Bank
Original language description
The article generally analyses the causes leading up to the foreign exchange intervention by the Czech National Bank in November 2013 and its consequences. It explains the reasons for further easing monetary policy and for choosing the exchange rate instrument and its specific level. The article examines the use of exchange rate by the Czech National Bank as a monetary policy instrument at the zero lower bound on interest rates and discusses its expected benefits in the case of the Czech Republic. The most interesting aspects of the Czech National Bank’s experience include the debate on how to use the exchange rate as a monetary policy instrument at the zero lower bound and on how transparent it should be. This debate eventually resulted in the choice of a publicly declared, one-sided exchange rate commitment. The use of foreign exchange interventions to ease monetary conditions in an open economy is a rational choice. This monetary instrument is used only when interest rates are at a zero level, i.e.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2016
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Proceedings of the 3rd International Multidisciplinary Scientific Conference Social Sciences & Arts SGEM 2016, Book 2, Volume 3
ISBN
9786197105742
ISSN
2367-5659
e-ISSN
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Number of pages
8
Pages from-to
297-304
Publisher name
SGEM International Multidisciplinary Scientific Conferences on Social Sciences and Arts
Place of publication
Sofia, Bulgaria
Event location
Albena, Bulgaria
Event date
Jan 1, 2016
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
000395727000038