| URBANOVSKÝ, Tomáš. Czech National Bank Currency Intervention. Czech Economy Salvation or a Wrong Calculus of the Central Bank? In Horvatova, E Kotlebova, J. ROLE OF FINANCIAL SECTOR IN SUPPORTING THE ECONOMIC RECOVERY OF CEE COUNTRIES, 8TH INTERNATIONAL CONFERENCE ON CURRENCY, BANKING AND INTERNATIONAL FINANCE. Bratislava: EKONOM, 2014, s. 429-441. ISBN 978-80-225-4034-6. |
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@inproceedings{1216366,
author = {Urbanovský, Tomáš},
address = {Bratislava},
booktitle = {ROLE OF FINANCIAL SECTOR IN SUPPORTING THE ECONOMIC RECOVERY OF CEE COUNTRIES, 8TH INTERNATIONAL CONFERENCE ON CURRENCY, BANKING AND INTERNATIONAL FINANCE},
editor = {Horvatova, E Kotlebova, J},
keywords = {currency intervention; deflation; sterilized intervention},
howpublished = {tištěná verze "print"},
language = {eng},
location = {Bratislava},
isbn = {978-80-225-4034-6},
pages = {429-441},
publisher = {EKONOM},
title = {Czech National Bank Currency Intervention. Czech Economy Salvation or a Wrong Calculus of the Central Bank?},
year = {2014}
}
TY - JOUR
ID - 1216366
AU - Urbanovský, Tomáš
PY - 2014
TI - Czech National Bank Currency Intervention. Czech Economy Salvation or a Wrong Calculus of the Central Bank?
PB - EKONOM
CY - Bratislava
SN - 9788022540346
KW - currency intervention
KW - deflation
KW - sterilized intervention
N2 - One of the most controversial and most discussed measures conducted by the CNB in the last decade is the currency intervention initiated in November 2013. The issue can be examined from many perspectives. The first part of this paper deals with the problem of deflation in general terms and the justification for the inflation targeting policy. It has been shown that due to existence of money neutrality in long term, change in price level does not have any effect on real quantities. Content of next chapter is discussion whether this intervention will really lead to a faster recovery of the Czech economy or not. Increase in consumption of households, which is major part of GDP, cannot be anticipated due to irreplaceability of imported goods. Following part of the paper focuses on assumption of sterilized intervention and it has been found out that this intervention has not been sterilized. The contents of the final part is the assessment of the last eight months and it has been proven that consumer component of aggregate demand is stagnating and price level is not increasing, so intervention cannot be considered effective.
ER -
URBANOVSKÝ, Tomáš. Czech National Bank Currency Intervention. Czech Economy Salvation or a Wrong Calculus of the Central Bank? In Horvatova, E Kotlebova, J. \textit{ROLE OF FINANCIAL SECTOR IN SUPPORTING THE ECONOMIC RECOVERY OF CEE COUNTRIES, 8TH INTERNATIONAL CONFERENCE ON CURRENCY, BANKING AND INTERNATIONAL FINANCE}. Bratislava: EKONOM, 2014, s.~429-441. ISBN~978-80-225-4034-6.
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