The first question that we ask ourselves in our article is whether the accounting of the central bank is supposed to respect the principles of internationally accepted standards (especially the International Financial Reporting Standards). We are looking for the basic differences in...

There are three possible price movements in a market economy: stability, inflation, and deflation. Inflation and deflation are defined in this article as changes in the purchasing power of money caused by the money creation. Inflation and deflation have many asymmetric, and even some symmetric,...

The article contains a general analysis of the exchange rate convergence process of EU and eurozone-candidate countries. Emphasis is given to an analysis of the exchange rate policy of member states within the ERM/ERM2 mechanism (beginning several years before the introduction of the euro) and...

The article contains a general analysis of the exchange rate convergence process of EU and eurozone-candidate countries. Emphasis is given to an analysis of the exchange rate policy of member states within the ERM/ERM2 mechanism (beginning several years before the introduction of the euro) and...

The article is a general analysis of the exchange rate convergence process for EU and Eurozone candidate countries. The introduction states that exchange rate strategies of candidate countries have to be consistent with the „acquis communataire“ from beginning to end. For these countries,...

The article summarizes the main points discussed at the seminar on Monetary Policy during Very Low Inflation, held by the Czech Economic Association in June 2003. There were two main speakers at the seminar. The first was Jan Frait (Czech National Bank), who summarized the main ideas of...

This study presents an analysis of the sources of variability of interest rates in the money market in the context of Czech National Bank's (CNB) monetary policy. The factors in question are changes in the structural characteristics of economies in transition, changing perception of inflation...

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and...

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...

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...