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Ten years of EMU: Convergence, Divergence and New Policy Priorities

Christodoulakis, Nicos - Česká Národní Banka - 2008

outside the EMU as a result of reduced exchange rate volatility, more integration and better institutional functioning. On the … that convergence has been fading since the EMU was initiated in 1999. Another worrying development in the Eurozone is the … surpluses. Although both groups of countries have attracted increased FDI flows after EMU, there seems to be a sharp …

Persistent link: https://www.econbiz.de/10008552156

Fulfilment of the Maastricht Inflation Criterion by the Czech Republic: Potential Costs and Policy Options

Barta, Vit - Česká Národní Banka - 2005

The purpose of this paper is twofold: firstly, to identify and quantify the potential costs to the Czech economy should fulfilment of the Maastricht inflation criterion (MIC) require disinflation; and secondly, to discuss and suggest policies geared towards minimising the costs related to...

Persistent link: https://www.econbiz.de/10005765492

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

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

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

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

Fiscal Sustainability - Definition, Indicators and Assessment of Czech Public Finance Sustainability

Krejdl, Ales - Česká Národní Banka - 2006

The aim of this paper is to shed some light on what fiscal sustainability actually means. In doing so, it looks in the literature for a definition of fiscal sustainability that not only is theoretically sound, but can also be used for setting fiscal targets in practice. Sustainability is defined...

Persistent link: https://www.econbiz.de/10005181155

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

Sources of Asymmetric Shocks: The Exchange Rate or Other Culprits?

Komarek, Lubos; Skorepa, Michal - Česká Národní Banka - 2013

We analyze and quantify the determinants of asymmetric shocks showing up in the form of medium-term real exchange rate (RER) changes. First, we discuss sources of asymmetric shocks causing exchange rate variability and the role of the RER as a shock generator. Second, we use data for 21 advanced...

Persistent link: https://www.econbiz.de/10010751592

Time-Varying Monetary-Policy Rules and Financial Stress: Does Financial Instability Matter for Monetary Policy?

Baxa, Jaromir; Horvath, Roman; Vasicek, Borek - Česká Národní Banka - 2011

We examine whether and how selected central banks responded to episodes of financial stress over the last three decades. We employ a new monetary-policy rule estimation methodology which allows for time-varying response coefficients and corrects for endogeneity. This flexible framework applied...

Persistent link: https://www.econbiz.de/10009221547

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