The Spectrum of Monetary Policy Objectives in the Concept of the Economic Policy of th State

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 Spectrum of Monetary Policy Objectives in the Concept of the Economic Policy of th State

Popis výsledku v původním jazyce

The objectives of central bank monetary policy are defined in national legislation somewhat broadly, although the objective of price stability dominates in all. But other goals are more vaguely designed and some of them are even opposite. The objectives of the monetary policy of the Czech National Bank are currently defined relatively widely and in principle contain the whole concept of the economic policy of the state. The main objective of monetary policy is still to maintain price stability, but the secondary objectives set out in Article 2, paragraph (1) of the Czech National Bank Act No. 6/1993 Coll are so broad that they may often conflict with the concept of price stability. This fact is particularly pronounced in the past 5 years, when the Czech National Bank has played a significant role in economic recovery and growth, with zero interest rates and foreign exchange interventions, which, in principle, is not the responsibility of monetary policy. Similarly, unorthodox is current moentary policy of the ECB, which even reaches negative interest rates and quantitative easing. The article analyzes the modern concept of Czech National Bank monetary policy in the post-crisis period, ambivalence of its monetary policy objectives, analyzes the effectiveness of its inflation targeting, including the implementation of its main monetary policy instruments in comparison to another central banks.

Název v anglickém jazyce

The Spectrum of Monetary Policy Objectives in the Concept of the Economic Policy of th State

Popis výsledku anglicky

The objectives of central bank monetary policy are defined in national legislation somewhat broadly, although the objective of price stability dominates in all. But other goals are more vaguely designed and some of them are even opposite. The objectives of the monetary policy of the Czech National Bank are currently defined relatively widely and in principle contain the whole concept of the economic policy of the state. The main objective of monetary policy is still to maintain price stability, but the secondary objectives set out in Article 2, paragraph (1) of the Czech National Bank Act No. 6/1993 Coll are so broad that they may often conflict with the concept of price stability. This fact is particularly pronounced in the past 5 years, when the Czech National Bank has played a significant role in economic recovery and growth, with zero interest rates and foreign exchange interventions, which, in principle, is not the responsibility of monetary policy. Similarly, unorthodox is current moentary policy of the ECB, which even reaches negative interest rates and quantitative easing. The article analyzes the modern concept of Czech National Bank monetary policy in the post-crisis period, ambivalence of its monetary policy objectives, analyzes the effectiveness of its inflation targeting, including the implementation of its main monetary policy instruments in comparison to another central banks.

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50204 - Business and management

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2018

Kód důvěrnosti údajů

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

Název statě ve sborníku

Knowledge for Market Use 2018: Public Finances in the Background of Sustainable Development

ISBN

978-80-244-5392-7

ISSN

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e-ISSN

neuvedeno

Počet stran výsledku

7

Strana od-do

370-376

Název nakladatele

Univerzita Palackého v Olomouci

Místo vydání

Olomouc

Místo konání akce

Olomouc

Datum konání akce

6. 9. 2018

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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