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The interest rate transmission mechanism and the management of interest margin in the context of Czech national bank disinflation policy
Brůna, Karel - In: Politická ekonomie 2007 (2007) 6, pp. 829-851
The paper analyzes the relationship between interest rate transmission mechanism and bank's management of interest rate risk during the disinflation monetary policy in the Czech Republic in 1999-2006. In theoretical part, main determinants of short-run and long-run equilibrium of client interest...
Persistent link: https://www.econbiz.de/10005036706
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Monetární přístup k inflaci - střednědobý strukturální model v otevřené ekonomice (příklad České Republiky v letech 1996 - 2004)
Arlt, Josef; Kodera, Jan; Mandel, Martin; Tomšík, … - In: Politická ekonomie : teorie, modelování, aplikace 54 (2006) 3, pp. 326-338
Persistent link: https://www.econbiz.de/10003433807
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The Impact of the Regime-Shift Premium on Forward Interest Rates and Inflation Expectations in the Czech Republic (in Czech)
Holinka, Tomáš; Stiller, Vladimír - In: Czech Journal of Economics and Finance (Finance a uver) 54 (2004) 5-6, pp. 190-201
’s anticipated entry into the eurozone. The paper suggests that the shift into a credible low inflation regime, accompanied by a … decreased regime-shift premium, may have affected Czech forward rates. Inflation expectations are subject to regime shifts and … cyclical economic development, and to expectations of lower central-bank inflation targets. …
Persistent link: https://www.econbiz.de/10008549915
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The impact of fresh releases on the yield curve
Pikora, Vladimir - In: Politická ekonomie 2007 (2007) 6, pp. 809-828
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....
Persistent link: https://www.econbiz.de/10005036606
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The stabilization mechanism of ultra short-term interest rates in the context of Czech national bank's repo tenders
Brůna, Karel - In: Politická ekonomie 2005 (2005) 4, pp. 459-476
Effectiveness of actual monetary policy depends on the ability of central banks to stabilize the fluctuations of overnight interest rates around their official policy rate. To ensure the functionality of the stabilization mechanism needs the successful balancing between bank's demand for...
Persistent link: https://www.econbiz.de/10005036651
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An analysis of PRIBOR interest rates sensitivity to changes in Czech national bank repo rate
Brůna, Karel; Brada, Jaroslav - In: Politická ekonomie 2004 (2004) 5, pp. 601-622
Since 1980's many central banks have been changing their monetary strategy to explicit inflation targeting. This new … monetary concept is based on management of short-term interest rates in the context of relation between inflation prediction … and central bank inflation target. Therefore we try to analyze the crucial problems of efficiency of the inflation …
Persistent link: https://www.econbiz.de/10005036676
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Systematic part of CNB's monetary policy in inflation targeting regime
Navrátil, David - In: Politická ekonomie 2004 (2004) 5, pp. 623-636
In the inflation targeting regime the central bank makes a decision about interest rate adjustment based on a forecast …, primarily of inflation. Thus a big part of the decisions on interest rate adjustments corresponds to systematic response of …
Persistent link: https://www.econbiz.de/10005036683
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Monetary policy and prediction of variability
Brůna, Karel - In: Politická ekonomie 2009 (2009) 3, pp. 361-382
economies in transition, changing perception of inflation risks, the inconsistency of central bank's monetary decisions and … inflation and changing structural characteristics. …
Persistent link: https://www.econbiz.de/10005103167
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The Italian overnight market: microstructure effects, the martingale hypothesis and the payment system
Barucci, Emilio; Impenna, Claudio; Reno, Roberto - Banca d'Italia - 2003
This paper analyzes the Italian segment of the Eurozone money market since the start of the European Monetary Union. Some relevant variables are analyzed at different frequencies (intramonth, intraweek and intraday); both level and volatily of the overnight interest rate, volume exchanged in the...
Persistent link: https://www.econbiz.de/10005113525
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Central Bank´s Foreign Exchange Reserves Accumulation and Dynamics of Banking System Liquidity Absorption: The Case of the Czech Republic, Poland and Hungary
Brůna, Karel - In: Politická ekonomie 2010 (2010) 6, pp. 723-746
The paper deals with accumulation of foreign exchange reserves of central banks and its consequences in banking system liquidity management. In theoretical part the case of banking system liquidity surplus is analyzed focusing on creation of liquidity through FX operations, sterilization of...
Persistent link: https://www.econbiz.de/10008802572