Publication details

Foreign exchange intervention by the Czech National Bank and its consequences



Year of publication 2016
Type Article in Proceedings
Conference European Financial Systems 2016. Proceedings of the 13th International Scientific conference, Brno: Masaryk University, 2016
MU Faculty or unit

Faculty of Economics and Administration

Web European Financial Systems
Field Economy
Keywords deflation; exchange rate; foreign exchange interventions; monetary policy; zero lower bound
Description The article generally analyses the causes leading up to the foreign exchange intervention by the Czech National Bank in November 2013 and its consequences. The article examines the use of exchange rate by the Czech National Bank as a monetary policy instrument at the zero lower bound on interest rates. It explains the reasons for further easing monetary policy and for choosing the exchange rate intstrument and its specific level, and discusses its expected benefits in the case of the Czech Republic.
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