C
2020
From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,
FRAIT, Jan and Marek MORA
Basic information
Original name
From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,
Name in Czech
Od floatingu k fixu a pak zpět
Authors
FRAIT, Jan and Marek MORA
Edition
Basel, BIS Papers, p. 121-132, 12 pp. BIS papers 113, 2020
Publisher
Bank for International Settlements
Other information
Type of outcome
Kapitola resp. kapitoly v odborné knize
Field of Study
50206 Finance
Country of publisher
Switzerland
Confidentiality degree
není předmětem státního či obchodního tajemství
Publication form
electronic version available online
Organization unit
University of Finance and Administration
Keywords (in Czech)
Czech National Bank; monetary policy instruments; zero interest rates; government bond market money market
Keywords in English
Czech National Bank; monetary policy instruments; zero interest rates; government bond market; money market
Tags
International impact, Reviewed
V originále
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.
In Czech
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.
Displayed: 19/10/2024 00:42