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Schinasi, Garry J. - Česká Národní Banka - 2006

the linkages between finance, money, and the real economy. Sources of market imperfections in finance are identified and …

Persistent link: https://www.econbiz.de/10005765490

Does Money Help Predict Inflation? An Empirical Assessment for Central Europe

Horvath, Roman; Komarek, Lubos; Rozsypal, Filip - Česká Národní Banka - 2010

This paper investigates the predictive ability of money for future inflation in the Czech Republic, Hungary, Poland … in-sample evidence that money matters for future inflation at the policy horizons that central banks typically focus on …, but our pseudo out-of-sample forecasting exercise shows that money does not in general improve the inflation forecasts vis …

Persistent link: https://www.econbiz.de/10008861860

Financial Frictions and Credit Spreads

Pang, Ke; Siklos, Pierre L. - Česká Národní Banka - 2010

This paper uses the credit-friction model developed by Curdia and Woodford, in a series of papers, as the basis for attempting to mimic the behavior of credit spreads in moderate as well as crisis times. We are able to generate movements in representative credit spreads that are, at times, both...

Persistent link: https://www.econbiz.de/10009645621

The Role of Banks in the Czech Monetary Policy Transmission Mechanism

Pruteanu, Anca - Česká Národní Banka - 2004

With this work, we aim to enrich the knowledge about the monetary policy transmission mechanism in the Czech Republic with empirical evidence on the impact of monetary policy on bank lending. Using a panel of quarterly time series for Czech commercial banks for the period 1996-2001, we study the...

Persistent link: https://www.econbiz.de/10005181157

Monetary Policy and the Term Spread in a Macro Model of a Small Open Economy

Kotlan, Viktor - Česká Národní Banka - 2002

Using a simple single-equation approach, many studies have shown that the term structure of interest rates or its approximation - the term spread - is a useful indicator of future inflation and/or future real economic activity. However, this paper argues that shortcomings of the single-equation...

Persistent link: https://www.econbiz.de/10005094100

The Impact of Monetary Policy on Financing of Czech Firms

Aliyev, Ruslan; Hajkova, Dana; Kubicova, Ivana - Česká Národní Banka - 2014

This paper uses firm-level financial data for Czech firms and tests for the role of companiesâ€™ financial structure in the transmission of monetary policy. Our results indicate that higher short-term interest rates coincide with lower shares of total debt, short-term bank loans, and...

Persistent link: https://www.econbiz.de/10011156772

Forecasting Mortgages: Internet Search Data as a Proxy for Mortgage Credit Demand

Saxa, Branislav - Česká Národní Banka - 2014

This paper examines the usefulness of Google Trends data for forecasting mortgage lending in the Czech Republic. While the official monthly statistics on mortgage lending come with a publication lag of one month, the data on how often people search for mortgage-related terms on the internet are...

Persistent link: https://www.econbiz.de/10011170398

Evaluating the Links Between the Financial and Real Sectors in a Small Open Economy: The Case of the Czech Republic

Konecny, Tomas; Kucharcukova, Oxana Babecka - Česká Národní Banka - 2013

Various approaches have been employed to study the possibility of non-linear feedback between the real and financial sector. We employ the threshold Bayesian VAR with block restrictions to evaluate the non-linear dynamics in a small open economy using the example of the Czech Republic. The study...

Persistent link: https://www.econbiz.de/10010754604

Bankovky a mince České Národní Banky 1993 - 1994

Hrdá, Alena (contributor) - 1994 - Vyd. 1

Persistent link: https://www.econbiz.de/10000942173

The Exchange Rate as an Instrument at Zero Interest Rates: The Case of the Czech Republic

Franta, Michal; Holub, Tomas; Kral, Petr; Kubicova, Ivana; … - Česká Národní Banka - 2014

This study examines the use of the exchange rate by the Czech National Bank as a monetary policy instrument at the zero lower bound on interest rates. It provides a review of the economic literature on unconventional monetary policy instruments and particularly on the possibility of using the...

Persistent link: https://www.econbiz.de/10011156767