The paper analyzes how central banks pay attention to foreign exchange exposure and the profit function in pursuing monetary policy. The results of the paper document that in practice, central banks do not take the microeconomic approach based on profit maximization in making decisions on the...

This paper analyzes the development of the external balance in five Central and East European countries: Czech Republic, Hungary, Poland, Slovakia, and Slovenia. The paper applies, expands, and empirically verifies the ideas of life-cycle theory in the area of the effects of foreign direct...

This paper presents empirical evidence on money and output in the Czech Republic. The analysis of the effects of monetary phenomena on the real economy focuses heavily on evidence from vector autoregressions (VARs). The paper also examines the Granger causality between the real money supply and...