THE IMPACT OF THE ZERO LOWER BOUNDED FOREIGN INTEREST RATES ON A SMALL OPEN ECONOMY

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

THE IMPACT OF THE ZERO LOWER BOUNDED FOREIGN INTEREST RATES ON A SMALL OPEN ECONOMY

Popis výsledku v původním jazyce

In the paper we analyze the small open economy widely influenced by the foreign economy with bounded interest rates. We analyze the foreign interest rates pass through into a small open economy and impact of the Zero Lower Bound. To evaluate this impact in a real economy we used a dynamic stochastic model of general equilibrium of a small open economy estimated on Czech and European data series. The constraint on the foreign interest rates is modelled using new computational tool DynareOBC designed and created by Tom Holden. In the second part of our analysis we deal with the foreign capital flows that are implied by the interest rate differential. Czech National Bank uses a nominal exchange rate as an unconventional monetary policy instrument. Stable level of exchange rate may attract foreign investors and that generates pressure on appreciation of the FX rate and the central bank must intervene.

Název v anglickém jazyce

THE IMPACT OF THE ZERO LOWER BOUNDED FOREIGN INTEREST RATES ON A SMALL OPEN ECONOMY

Popis výsledku anglicky

In the paper we analyze the small open economy widely influenced by the foreign economy with bounded interest rates. We analyze the foreign interest rates pass through into a small open economy and impact of the Zero Lower Bound. To evaluate this impact in a real economy we used a dynamic stochastic model of general equilibrium of a small open economy estimated on Czech and European data series. The constraint on the foreign interest rates is modelled using new computational tool DynareOBC designed and created by Tom Holden. In the second part of our analysis we deal with the foreign capital flows that are implied by the interest rate differential. Czech National Bank uses a nominal exchange rate as an unconventional monetary policy instrument. Stable level of exchange rate may attract foreign investors and that generates pressure on appreciation of the FX rate and the central bank must intervene.

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

3rd International Multidisciplinary Scientific Conference on Social Sciences and Arts, SGEM 2016

ISBN

9786197105766

ISSN

2367-5659

e-ISSN

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Počet stran výsledku

8

Strana od-do

801-808

Název nakladatele

STEF92 TECHNOLOGY LTD, Sofia

Místo vydání

Sofia

Místo konání akce

Albena, BULGARIA

Datum konání akce

1. 1. 2016

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

000395727200105