The paper deals with the impact of new information on the fixed income market. We expect this to be the first study covering such a topic in Central European markets. We prepared a model of a market reaction and found out that the market is not significantly driven by new macroeconomic figures....

One of the main goals of the banking regulation and supervision is the promotion of the integrity, stability and health of the banking system as a whole. This also requires the mechanism, which would help some problem banks to gain lacking funds to meet the liquidity needs. Lender of last...

The paper describes inflation targeting, and tries to emphasize a difference between the theory and the practice. The strategy is highly demanding of information, and thus hard to implement reasonably in practice. Flexible inflation targeting doesn't fix inflation expectations. Its global...

The first part defines the terms "independence" and "accountability" and asks whether there is a direct or indirect relation between them. The second part brings quantification of central bank's institutional arrangements both in developed and transition economies. The third part describes...

Reserve requirements has been part of the monetary policy instruments of banking in many countries including member countries of European Monetary Union and Czech Republic, too. But maintaining reserve requiremnts needs a contemporary rationale, no matter what their original purposes may have...

The article deals with the role of the central banks in advanced market economies and the theoretical possibility of abolishing these institutions. Central banks have monopolies in some areas, especially regarding monetary policy. In many countries, central banks also have monopolies in other...

Post-Keynesian approach to the nature of money brings some strong conclusions for the monetary policy of a central bank. Money is created by provision of loans. Loans make deposits. Deposits make reserves, since central banks play the role of a lender of last resort. Banks thus may provide as...

The recent financial crisis has significantly modified the approach to helping troubled banks. The traditional role of the central bank has shifted toward non-credit forms of assistance, provided mainly by the state, and even toward assisting insolvent banks. State assistance - directly or...

The post-Keynesian approach to the nature of money brings some other conclusion to the monetary policy, independence of a central bank and function of commercial banks. The source money is created by demand of businessmen especially. Loans create deposits, deposits create reserves. Central bank...

This paper examines definitions and assessments of central bank aggressiveness. It shows theoretical reasons why there is certain minimal threshold value if CB wants to stabilize price level and on the other hand, why excessive reactions are suboptimal. The empirical part suggests that...