FOREIGN EXCHANGE INTERVENTIONS UNDER INFLATION TARGETING: THE CZECH EXPERIENCE
This article discusses the role of foreign exchange interventions in the inflation-targeting regime, focusing on the Czech experience since 1998. We find some evidence that the interventions had a statistically significant, but short lived and economically not very important, impact on the koruna's exchange rate and its volatility. We also discuss consistency of the interventions with the inflation-targeting framework. All the Czech intervention episodes are judged to be consistent with the inflation targets and output developments, but for two episodes not fully consistent regarding the mix of monetary conditions. (JEL "E42, E44, E52, E58, E65, F31") Copyright 2006 Western Economic Association International.
Year of publication: |
2006
|
---|---|
Authors: | GERSL, ADAM ; HOLUB, TOMÁS |
Published in: |
Contemporary Economic Policy. - Western Economic Association International - WEAI, ISSN 1074-3529. - Vol. 24.2006, 4, p. 475-491
|
Publisher: |
Western Economic Association International - WEAI |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience
Gersl, Adam, (2006)
-
Convergence of Relative Prices and Inflation in Central and Eastern Europe
Holub, Tomás, (2001)
-
The Czech National Bank’s Role Since the Global Crisis
Hlédik, Tibor, (2016)
- More ...