From float to currency floor and back to float: the Czech National Bank's temporary exchange rate ...

@inbook{9116,
   author = {Frait, Jan and Mora, Marek},
   address = {Basel},
   booktitle = {BIS Papers},
   editor = {BIS Monetary and Economic Department},
   keywords = {Czech National Bank; monetary policy instruments; zero interest rates; government bond market; money market},
   howpublished = {elektronická verze "online"},
   language = {eng},
   location = {Basel},
   isbn = {978-92-9259-442-8},
   pages = {121-132},
   publisher = {Bank for International Settlements},
   title = {From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,},
   url = {https://www.bis.org/publ/bppdf/bispap113_g.pdf},
   year = {2020}
}

TY  - CHAP
ID  - 9116
AU  - Frait, Jan - Mora, Marek
PY  - 2020
TI  - From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,
VL  - BIS papers 113
PB  - Bank for International Settlements
CY  - Basel
SN  - 9789292594428
KW  - Czech National Bank
KW  - monetary policy instruments
KW  - zero interest rates
KW  - government bond market
KW  - money market
UR  - https://www.bis.org/publ/bppdf/bispap113_g.pdf
N2  - In this note, we discuss the Czech National Bank’s experience with the one-sided exchange rate commitment it applied from November 2013 to April 2017 as an additional monetary policy instrument to ease monetary conditions. We describe the CNB’s operations in the foreign exchange market and developments in the Czech government bond and money markets in relation to the commitment. The CNB’s experience with its temporary exchange rate commitment and with the subsequent exit serves as a case study of a successful policy measure in a small open inflation targeting economy facing a severe risk of deflation and zero monetary policy interest rates.
ER  - 

FRAIT, Jan a Marek MORA. From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,. Online. In BIS Monetary and Economic Department. \textit{BIS Papers}. Basel: Bank for International Settlements, 2020, s.~121-132. BIS papers 113. ISBN~978-92-9259-442-8.