Milton Friedman, American Nobel price winner for Economics, was one of the most important economists in the 20th century. He contributed to the development of macroeconomic theory as well as to the new concept of monetary policy. In the area of economic theory two of main Friedman´s...

On 7th of November 2013 the Board of the Czech National Bank decided to start using the exchange rate CZK/EUR as an additional instrument for easing the monetary conditions in order to avoid the long-term undershooting of the inflation target. The aim of this paper is to contribute to the...