prolonged periods of exchange rate overvaluation in 1998 and in 2002. Second, the sterilisation costs of interventions are shown … targeting regime, and applies these criteria to the Czech case. From an ex post view, all the intervention episodes are judged … concerning the intervention episodes in early-1998 and late-1999. …

the sterilisation of the domestic money stock from these flows. Existing studies focus mostly on narrow (reserve) money …, and estimate a high degree of sterilisation. Empirical work on the long-run relationship between money and prices … is unrelated to the nature of the flows (e.g. current account versus capital account surpluses). Sterilisation rates have …

unstable transmission between the central bank actions and the market reactions. Finally, the paper analyses the sterilisation …

prolonged periods of exchange rate overvaluation in 1998 and in 2002. Second, the sterilisation costs of interventions are shown … targeting regime, and applies these criteria to the Czech case. From an ex post view, all the intervention episodes are judged … concerning the intervention episodes in early-1998 and late-1999. …