Foreign Exchange Intervention by the Czech National Bank

Kód výsledku v 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>

Výsledek na webu

<a href="http://www.sgemsocial.org/" target="_blank" >http://www.sgemsocial.org/</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Foreign Exchange Intervention by the Czech National Bank

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Foreign Exchange Intervention by the Czech National Bank

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2016

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

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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Počet stran výsledku

8

Strana od-do

297-304

Název nakladatele

SGEM International Multidisciplinary Scientific Conferences on Social Sciences and Arts

Místo vydání

Sofia, Bulgaria

Místo konání akce

Albena, Bulgaria

Datum konání akce

1. 1. 2016

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000395727000038