In the aftermath of the Great Financial Crisis (GFC), central banks from several advanced,
small, open economies have used FX interventions (FXI) in order to stimulate inflation, given …

After the introduction of an exchange rate commitment and an immediate 7% depreciation of
the Czech koruna of in 2013, output growth resumed but inflation remained low …

This paper uses a stochastic simulation of a DSGE model of the Czech economy to study the
macroeconomic consequences of inflation target setting when interest rates are constrained …

DSGE models are as structural models capable of estimating what would have happened if
some part of economy or shocks to it had been different. We consider three such differences …

We study the long-term legacy of the exchange rate commitment, which set an exchange
rate floor of 27 CZK/EUR in the Czech Republic from November 2013 to April 2017. We …

Russian monetary policy has been challenged by large and continuous private capital
outflows and a sharp drop in oil prices during 2014, with both ongoings having put a …

THE EMPIRICAL IMPLICATIONS OF THE ZERO LOWER BOUND ON THE INTEREST RATE:
THE CASE OF THE CZECH ECONOMY Page 1 603 ACTA UNIVERSITATIS …

This paper presents three measures of the output gap estimated by a dynamic stochastic
general equilibrium model of the Czech economy. We argue that the most plausible …

Russian monetary policy has been challenged by large and continuous private capital
outflows and a sharp drop in oil prices during 2014. Both contributed to significant …

In the face of the global financial crisis, many central banks applied non-standard monetary
policy instruments. They were activated after lowering short-term interest rates to a level …