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The Effects of Anticipated Future Change in the Monetary Policy Regime
Antal, Juraj; Brazdik, Frantisek - Česká Národní Banka - 2007
In this paper, we investigate the effects of an anticipated future change in monetary policy regime in small open economies targeting either inflation or the exchange rate. The announcement of a future change in the monetary policy regime triggers an immediate change in the behavior of...
Persistent link: https://www.econbiz.de/10005094107
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Welfare-Based Optimal Monetary Policy in a Two-Sector Small Open Economy
Rychalovska, Yuliya - Česká Národní Banka - 2007
The paper analyzes the stabilization objectives of optimal monetary policy and the trade-offs facing the central bank in a two-sector small open economy model obtained as a limiting case of a two-country DSGE framework. We introduce a more complicated economic structure, namely, multiple...
Persistent link: https://www.econbiz.de/10005181153
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Expected Regime Change: Transition Toward Nominal Exchange Rate Stability
Brazdik, Frantisek - Česká Národní Banka - 2013
This work presents an extension of a small open economy DSGE model allowing the transition toward a monetary policy regime aimed at exchange rate stability to be described. The model is estimated using the Bayesian technique to fit the properties of the Czech economy. In the scenarios assessed,...
Persistent link: https://www.econbiz.de/10010631614
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Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience
Holub, Tomas - Česká Národní Banka - 2004
This paper discusses the role of foreign exchange interventions in the inflation-targeting regime, focusing on the Czech experience since 1998. It proposes criteria for assessing whether the interventions are consistent with the inflation targeting. While the CNB's interventions in mid- 1998 and...
Persistent link: https://www.econbiz.de/10005405581
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The Behavioural Equilibrium Exchange Rate of the Czech Koruna
Komarek, Lubos; Melecky, Martin - Česká Národní Banka - 2005
The behavioural equilibrium exchange rate (BEER) model of the Czech koruna is derived in this paper and estimated by three methods suitable for non-stationary time series. The potential determinants of the real equilibrium exchange rate considered are the productivity differential, the interest...
Persistent link: https://www.econbiz.de/10005094108
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The Maastricht Inflation Criterion: "Saints" and "Sinners"
Bulir, Ales; Hurnik, Jaromir - Česká Národní Banka - 2006
The Maastricht inflation criterion, designed in the early 1990s to bring “high-inflation†EU countries into line with “low-inflation†countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the...
Persistent link: https://www.econbiz.de/10005405569
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Private Finance and Public Policy
Schinasi, Garry J. - Česká Národní Banka - 2006
This paper articulates a logical foundation-drawn from disparate literatures-for understanding why safeguarding financial stability is an important economic policy objective. The paper also explains why private aspects of finance provide broader social economic benefits and have the...
Persistent link: https://www.econbiz.de/10005765490
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Macroprudential Policy and Its Instruments in a Small EU Economy
Frait, Jan; Komarkova, Zlatuse - Česká Národní Banka - 2012
This paper focuses on the way the macroprudential policy framework in a small EU economy should be designed. With reference to the experience of the Czech Republic's financial system and the Czech National Bank it provides definitions of financial stability and macroprudential policy as well as...
Persistent link: https://www.econbiz.de/10010833278
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Optimum Currency Area Indices - How Close is the Czech Republic to the Eurozone?
Komarek, Lubos; Cech, Zdenek; Horvath, Roman - Česká Národní Banka - 2003
In this paper we provide a survey of the optimum currency area theory, estimate the degree of the explanatory power of the optimum currency area criteria, and also calculate the optimum currency area index in the case of the Czech Republic. The results indicate that the traditional optimum...
Persistent link: https://www.econbiz.de/10005765484
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ERM II Membership - the View of the Accession Countries
Komarek, Lubos; Cech, Zdenek; Horvath, Roman - Česká Národní Banka - 2003
strategies. A heated discussion has arisen in relation to ERM2 membership. The experience of the present eurozone members with … ERM/ERM2 membership shows that none of them faced a significant challenge in the two-year 'evaluation' period in terms of … functioning of the mechanism, the ERM2 appears be of little help for ensuring exchange rate stability. The mechanism should be …
Persistent link: https://www.econbiz.de/10005765485