Alichi, Ali; Benes, Jaromir; Felman, Joshua; Feng, Irene; … - International Monetary Fund (IMF) - 2015
The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB’s recent experience in adding the exchange rate as a complementary monetary policy tool to stimulate...