C
2020
From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,
FRAIT, Jan a Marek MORA
Základní údaje
Originální název
From float to currency floor and back to float: the Czech National Bank's temporary exchange rate commitment,
Název česky
Od floatingu k fixu a pak zpět
Autoři
FRAIT, Jan a Marek MORA
Vydání
Basel, BIS Papers, od s. 121-132, 12 s. BIS papers 113, 2020
Nakladatel
Bank for International Settlements
Další údaje
Typ výsledku
Kapitola resp. kapitoly v odborné knize
Stát vydavatele
Švýcarsko
Utajení
není předmětem státního či obchodního tajemství
Forma vydání
elektronická verze "online"
Organizační jednotka
Vysoká škola finanční a správní
Klíčová slova česky
Czech National Bank; monetary policy instruments; zero interest rates; government bond market money market
Klíčová slova anglicky
Czech National Bank; monetary policy instruments; zero interest rates; government bond market; money market
Příznaky
Mezinárodní význam, Recenzováno
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.
Česky
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.
Zobrazeno: 1. 11. 2024 04:32