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2020 Quota Data Update

2020 Quota Data Update »

Volume/Issue: 2021/016

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

DOI: http://dx.doi.org/10.5089/9781513571492.007

ISBN: 9781513571492

Keywords: Purchasing power parity, Financial account, Income, Capital flows, Export fluctuations, PP, PPP price level indices, PPP GDP share, PPP data, PPP factor

This paper presents the annual update of the quota database and extends the database by one year through 2018. The paper provides an overview of the data and of the methodology and covers the quota formula variable...

2020 Quota Data Update

2020 Quota Data Update »

Source: 2020 Quota Data Update

Volume/Issue: 2021/016

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2021

ISBN: 9781513571492

Keywords: Purchasing power parity, Financial account, Income, Capital flows, Export fluctuations, PP, PPP price level indices, PPP GDP share, PPP data, PPP factor

This paper presents the annual update of the quota database and extends the database by one year through 2018. The paper provides an overview of the data and of the methodology and covers the quota formula variable...

A European Minimum Wage: Implications for Poverty and Macroeconomic Imbalances

A European Minimum Wage: Implications for Poverty and Macroeconomic Imbalances »

Source: A European Minimum Wage: Implications for Poverty and Macroeconomic Imbalances

Volume/Issue: 2020/59

Series: IMF Working Papers

Author(s): Enrica Detragiache , Christian Ebeke , La-Bhus Fah Jirasavetakul , Koralai Kirabaeva , Davide Malacrino , Florian Misch , Hyun Woo Park , and Yu Shi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2020

ISBN: 9781513545073

Keywords: External sector, Cost of living, Wage policy, Labor costs, Labor markets, Minimum Wage, European Union, Poverty Alleviation, Current Account Rebalancing, Monetary Unions

A hypothetical European Minimum Wage (MW) set at 60 percent of each country's median wage would reduce in-work poverty but have limited effects on overall poverty, as many poor households do not earn a wage near MW...

A European Minimum Wage: Implications for Poverty and Macroeconomic Imbalances

A European Minimum Wage: Implications for Poverty and Macroeconomic Imbalances »

Volume/Issue: 2020/59

Series: IMF Working Papers

Author(s): Enrica Detragiache , Christian Ebeke , La-Bhus Fah Jirasavetakul , Koralai Kirabaeva , Davide Malacrino , Florian Misch , Hyun Woo Park , and Yu Shi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2020

DOI: http://dx.doi.org/10.5089/9781513545073.001

ISBN: 9781513545073

Keywords: External sector, Cost of living, Wage policy, Labor costs, Labor markets, Minimum Wage, European Union, Poverty Alleviation, Current Account Rebalancing, Monetary Unions

A hypothetical European Minimum Wage (MW) set at 60 percent of each country's median wage would reduce in-work poverty but have limited effects on overall poverty, as many poor households do not earn a wage near MW...

Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel

Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel »

Volume/Issue: 2020/25

Series: IMF Working Papers

Author(s): JaeBin Ahn , Romain Duval , and Can Sever

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 February 2020

DOI: http://dx.doi.org/10.5089/9781513528571.001

ISBN: 9781513528571

Keywords: Financial crises, Supply and demand, Economic theory, Economic growth, Economic policy, Financial frictions, Intangible investment, Competition, Product Market, Monetary policy

While there is growing evidence of persistent or even permanent output losses from financial crises, the causes remain unclear. One candidate is intangible capital - a rising driver of economic growth that, being n...

Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel*

Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel* »

Source: Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel

Volume/Issue: 2020/25

Series: IMF Working Papers

Author(s): JaeBin Ahn , Romain Duval , and Can Sever

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 February 2020

ISBN: 9781513528571

Keywords: Financial crises, Supply and demand, Economic theory, Economic growth, Economic policy, Financial frictions, Intangible investment, Competition, Product Market, Monetary policy

While there is growing evidence of persistent or even permanent output losses from financial crises, the causes remain unclear. One candidate is intangible capital - a rising driver of economic growth that, being n...

Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve

Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve »

Volume/Issue: 2020/4

Series: IMF Working Papers

Author(s): Ales Bulir , and Jan Vlcek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

DOI: http://dx.doi.org/10.5089/9781513522012.001

ISBN: 9781513522012

Keywords: Bank rates, Central banks, Monetary policy, Central banking and monetary issues, Central bank policy, Monetary transmission, yield curve, rule-based monetary policy, WP, output gap

Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries - operating under various monetary regimes - we find that monetary policy decisions, as expressed in yield curve m...

Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve1

Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve1 »

Source: Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve

Volume/Issue: 2020/4

Series: IMF Working Papers

Author(s): Ales Bulir , and Jan Vlcek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

ISBN: 9781513522012

Keywords: Bank rates, Central banks, Monetary policy, Central banking and monetary issues, Central bank policy, Monetary transmission, yield curve, rule-based monetary policy, WP, output gap

Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries - operating under various monetary regimes - we find that monetary policy decisions, as expressed in yield curve m...

Cross-Border Currency Exposures*

Cross-Border Currency Exposures* »

Source: Cross-Border Currency Exposures

Volume/Issue: 2019/299

Series: IMF Working Papers

Author(s): Agustin Benetrix , Deepali Gautam , Luciana Juvenal , and Martin Schmitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

ISBN: 9781513522869

Keywords: Foreign currency exposure, External sector, Exchange rate policy, Financial crises, Economic integration, WP, domestic currency, post-crisis, investment position, emerge economy

This paper provides a dataset on the currency composition of the international investment position for a group of 50 countries for the period 1990-2017. It improves available data based on estimates by incorporatin...

Global Value Chains and External Adjustment: Do Exchange Rates Still Matter?*

Global Value Chains and External Adjustment: Do Exchange Rates Still Matter?* »

Source: Global Value Chains and External Adjustment: Do Exchange Rates Still Matter?

Volume/Issue: 2019/300

Series: IMF Working Papers

Author(s): Gustavo Adler , Sergii Meleshchuk , and Carolina Osorio Buitron

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

ISBN: 9781513521985

Keywords: Exchange rate shocks, Exchange rate policy, Exchange rate pass-through, Flexible exchange rates, Exchange rate adjustments, inflation targeting, foreign exchange intervention, exchange rate, WP, intermediate input

The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater...

Cross-Border Currency Exposures

Cross-Border Currency Exposures »

Volume/Issue: 2019/299

Series: IMF Working Papers

Author(s): Agustin Benetrix , Deepali Gautam , Luciana Juvenal , and Martin Schmitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513522869.001

ISBN: 9781513522869

Keywords: Foreign currency exposure, External sector, Exchange rate policy, Financial crises, Economic integration, WP, domestic currency, post-crisis, investment position, emerge economy

This paper provides a dataset on the currency composition of the international investment position for a group of 50 countries for the period 1990-2017. It improves available data based on estimates by incorporatin...

Global Value Chains and External Adjustment: Do Exchange Rates Still Matter?

Global Value Chains and External Adjustment: Do Exchange Rates Still Matter? »

Volume/Issue: 2019/300

Series: IMF Working Papers

Author(s): Gustavo Adler , Sergii Meleshchuk , and Carolina Osorio Buitron

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513521985.001

ISBN: 9781513521985

Keywords: Exchange rate shocks, Exchange rate policy, Exchange rate pass-through, Flexible exchange rates, Exchange rate adjustments, inflation targeting, foreign exchange intervention, exchange rate, WP, intermediate input

The paper explores how international integration through global value chains shapes the working of exchange rates to induce external adjustment both in the short and medium run. The analysis indicates that greater...

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence »

Source: Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

Volume/Issue: 2019/168

Series: IMF Working Papers

Author(s): Minsuk Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

ISBN: 9781513508979

Keywords: Exchange rate policy, Exchange rate shocks, Exchange markets, Financial crises, Exchange rate regimes, Dollarization, Financial Development, Original Sin, Exchange Rate Volatility, dollar debt

This paper examines how financial development influences the debt dollarization of nonfinancial firms in a sample of emerging market economies (EMEs). The macroeconomic channels are identified from an optimal portf...

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence

Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence »

Volume/Issue: 2019/168

Series: IMF Working Papers

Author(s): Minsuk Kim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2019

DOI: http://dx.doi.org/10.5089/9781513508979.001

ISBN: 9781513508979

Keywords: Exchange rate policy, Exchange rate shocks, Exchange markets, Financial crises, Exchange rate regimes, Dollarization, Financial Development, Original Sin, Exchange Rate Volatility, dollar debt

This paper examines how financial development influences the debt dollarization of nonfinancial firms in a sample of emerging market economies (EMEs). The macroeconomic channels are identified from an optimal portf...

International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending

International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending »

Volume/Issue: 2019/150

Series: IMF Working Papers

Author(s): Sangyup Choi , Davide Furceri , and Chansik Yoon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

DOI: http://dx.doi.org/10.5089/9781484389690.001

ISBN: 9781484389690

Keywords: Financial crises, Economic conditions, Nominal effective exchange rate, Fiscal sector, Real effective exchange rates, Fiscal-financial spillovers, Cross-border banking flows, Local projections, Nonlinear effects, Trilemma.

This paper sheds new light on the degree of international fiscal-financial spillovers by investigating the effect of domestic fiscal policies on cross-border bank lending. By estimating the dynamic response of U.S....

International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending*

International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending* »

Source: International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending

Volume/Issue: 2019/150

Series: IMF Working Papers

Author(s): Sangyup Choi , Davide Furceri , and Chansik Yoon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

ISBN: 9781484389690

Keywords: Financial crises, Economic conditions, Nominal effective exchange rate, Fiscal sector, Real effective exchange rates, Fiscal-financial spillovers, Cross-border banking flows, Local projections, Nonlinear effects, Trilemma.

This paper sheds new light on the degree of international fiscal-financial spillovers by investigating the effect of domestic fiscal policies on cross-border bank lending. By estimating the dynamic response of U.S....

How Does Taxation Affect Hours Worked in EU New Member States?

How Does Taxation Affect Hours Worked in EU New Member States? »

Source: How Does Taxation Affect Hours Worked in EU New Member States?

Volume/Issue: 2019/130

Series: IMF Working Papers

Author(s): Agustin Velasquez , and Svetlana Vtyurina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2019

ISBN: 9781498315708

Keywords: Tax revenue, Tax exemptions, Tax incentives, Tax rates, Fiscal policy, hours worked, labor supply, labor tax, consumption tax, EU new member states

Hours worked vary widely across countries and over time. In this paper, we investigate the role played by taxation in explaining these differences for EU New Member States. By extending a standard growth model with...

How Does Taxation Affect Hours Worked in EU New Member States?

How Does Taxation Affect Hours Worked in EU New Member States? »

Volume/Issue: 2019/130

Series: IMF Working Papers

Author(s): Agustin Velasquez , and Svetlana Vtyurina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2019

DOI: http://dx.doi.org/10.5089/9781498315708.001

ISBN: 9781498315708

Keywords: Tax revenue, Tax exemptions, Tax incentives, Tax rates, Fiscal policy, hours worked, labor supply, labor tax, consumption tax, EU new member states

Hours worked vary widely across countries and over time. In this paper, we investigate the role played by taxation in explaining these differences for EU New Member States. By extending a standard growth model with...

Czech Republic

Czech Republic »

Source: Czech Republic : Selected Issues

Volume/Issue: 2019/161

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2019

ISBN: 9781498319423

Keywords: External shocks, Patterns of trade, Demand elasticity, Price indexes, Import tariffs, gross export, value-added, linkage, Czech economy, low demand

This Selected Issues paper investigates the direct and indirect exposure of the Czech Republic to these external risks. The Czech Republic is a small open economy that has become increasingly reliant on export-driv...

Czech Republic: 2019 Article IV Consultation—Press Release and Staff Report

Czech Republic: 2019 Article IV Consultation—Press Release and Staff Report »

Source: Czech Republic : 2019 Article IV Consultation-Press Release and Staff Report

Volume/Issue: 2019/160

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2019

ISBN: 9781498319355

Keywords: Financial soundness indicators, Central banks, Monetary statistics, Balance of payments, Financial statistics, CNB, percent of GDP, percent, CFT, Czech statistical office

The economy is doing well, but supply constraints are biting. Growth has slowed as the economy has reached capacity limits, with very low unemployment even as participation has increased. Recent wage increases have...

Czech Republic: Staff Report for the 2019 Article IV Consultation—Informational Annex

Czech Republic: Staff Report for the 2019 Article IV Consultation—Informational Annex »

Source: Czech Republic : 2019 Article IV Consultation-Press Release and Staff Report

Volume/Issue: 2019/160

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2019

ISBN: 9781498319355

Keywords: Financial soundness indicators, Central banks, Monetary statistics, Balance of payments, Financial statistics, CNB, percent of GDP, percent, CFT, Czech statistical office

The economy is doing well, but supply constraints are biting. Growth has slowed as the economy has reached capacity limits, with very low unemployment even as participation has increased. Recent wage increases have...

IMF Executive Board Concludes Article IV Consultation with Czech Republic

IMF Executive Board Concludes Article IV Consultation with Czech Republic »

Source: Czech Republic : 2019 Article IV Consultation-Press Release and Staff Report

Volume/Issue: 2019/160

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2019

ISBN: 9781498319355

Keywords: Financial soundness indicators, Central banks, Monetary statistics, Balance of payments, Financial statistics, CNB, percent of GDP, percent, CFT, Czech statistical office

The economy is doing well, but supply constraints are biting. Growth has slowed as the economy has reached capacity limits, with very low unemployment even as participation has increased. Recent wage increases have...

Czech Republic
			: 2019 Article IV Consultation-Press Release and Staff Report

Czech Republic : 2019 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2019/160

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2019

DOI: http://dx.doi.org/10.5089/9781498319355.002

ISBN: 9781498319355

Keywords: Financial soundness indicators, Central banks, Monetary statistics, Balance of payments, Financial statistics, CNB, percent of GDP, percent, CFT, Czech statistical office

The economy is doing well, but supply constraints are biting. Growth has slowed as the economy has reached capacity limits, with very low unemployment even as participation has increased. Recent wage increases have...

Czech Republic
			: Selected Issues

Czech Republic : Selected Issues »

Volume/Issue: 2019/161

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2019

DOI: http://dx.doi.org/10.5089/9781498319423.002

ISBN: 9781498319423

Keywords: External shocks, Patterns of trade, Demand elasticity, Price indexes, Import tariffs, gross export, value-added, linkage, Czech economy, low demand

This Selected Issues paper investigates the direct and indirect exposure of the Czech Republic to these external risks. The Czech Republic is a small open economy that has become increasingly reliant on export-driv...

Assessing House Prices with Prudential and Valuation Measures

Assessing House Prices with Prudential and Valuation Measures »

Source: Assessing House Prices with Prudential and Valuation Measures

Volume/Issue: 2019/59

Series: IMF Working Papers

Author(s): Michal Andrle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

ISBN: 9781498302814

Keywords: Interest rates, Market interest rates, Cyclical indicators, Index numbers, Economic growth, house prices, borrowing capacity, present value, financial stability, mortgage rate

In this paper we provide tools for assessing the house prices and housing valuation. We develop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach. The borrowing capacity of househol...

Assessing House Prices with Prudential and Valuation Measures

Assessing House Prices with Prudential and Valuation Measures »

Volume/Issue: 2019/59

Series: IMF Working Papers

Author(s): Michal Andrle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2019

DOI: http://dx.doi.org/10.5089/9781498302814.001

ISBN: 9781498302814

Keywords: Interest rates, Market interest rates, Cyclical indicators, Index numbers, Economic growth, house prices, borrowing capacity, present value, financial stability, mortgage rate

In this paper we provide tools for assessing the house prices and housing valuation. We develop two approaches: (i) borrowing capacity approach, and (ii) intrinsic value approach. The borrowing capacity of househol...

Fiscal Redistribution and Social Welfare

Fiscal Redistribution and Social Welfare »

Source: Fiscal Redistribution and Social Welfare

Volume/Issue: 2019/51

Series: IMF Working Papers

Author(s): David Coady , Devin D'Angelo , and Brooks Evans

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

ISBN: 9781484398081

Keywords: Social security, Income distribution, Personal income taxes, Social welfare programs, Fiscal policy, Fiscal redistribution, progressivity, targeting, transfers, taxes

Fiscal policy is a key tool for achieving distributional objectives in advanced economies. This paper embeds the discussion of fiscal redistribution within the standard social welfare framework, which lends itself...

Fiscal Redistribution and Social Welfare

Fiscal Redistribution and Social Welfare »

Volume/Issue: 2019/51

Series: IMF Working Papers

Author(s): David Coady , Devin D'Angelo , and Brooks Evans

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781484398081.001

ISBN: 9781484398081

Keywords: Social security, Income distribution, Personal income taxes, Social welfare programs, Fiscal policy, Fiscal redistribution, progressivity, targeting, transfers, taxes

Fiscal policy is a key tool for achieving distributional objectives in advanced economies. This paper embeds the discussion of fiscal redistribution within the standard social welfare framework, which lends itself...

1. Domestic Expansion Running into External Turbulence

1. Domestic Expansion Running into External Turbulence »

Source: Regional Economic Outlook, October 2018, Europe : Domestic Expansion Running into External Turbulence

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

ISBN: 9781484375402

Keywords: Europe, Regional Economic Outlook, economic outlook, financial conditions, fiscal policy, monetary policy, emerging Europe, advanced Europe

Activity continued to expand in the first half of 2018, but at a slower-than-expected pace, mainly in advanced Europe. The external environment has become less supportive, with slow...

Executive Summary

Executive Summary »

Source: Regional Economic Outlook, October 2018, Europe : Domestic Expansion Running into External Turbulence

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

ISBN: 9781484375402

Keywords: Europe, Regional Economic Outlook, economic outlook, financial conditions, fiscal policy, monetary policy, emerging Europe, advanced Europe

Economic activity continued to expand in the first half of 2018, albeit at a slower-than-expected pace, mainly in advanced Europe. Domestic demand, supported by stronger employment...

2. Macroprudential Policies and House Prices in Europe: An Overview of Recent Experiences

2. Macroprudential Policies and House Prices in Europe: An Overview of Recent Experiences »

Source: Regional Economic Outlook, October 2018, Europe : Domestic Expansion Running into External Turbulence

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

ISBN: 9781484375402

Keywords: Europe, Regional Economic Outlook, economic outlook, financial conditions, fiscal policy, monetary policy, emerging Europe, advanced Europe

This chapter documents the increasing use of macroprudential policies (MaPPs) in Europe in recent years to build financial resilience, contain general and sectoral credit growth, an...

Regional Economic Outlook, October 2018, Europe
			: Domestic Expansion Running into External Turbulence

Regional Economic Outlook, October 2018, Europe : Domestic Expansion Running into External Turbulence »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

DOI: http://dx.doi.org/10.5089/9781484375402.086

ISBN: 9781484375402

Keywords: Europe, Regional Economic Outlook, economic outlook, financial conditions, fiscal policy, monetary policy, emerging Europe, advanced Europe

Economic activity continued to expand in the first half of 2018, albeit at a slower-than-expected pace, mainly in advanced Europe. Domestic demand, supported by stronger employment and wages, remains the main engin...

Front Matter

Front Matter »

Source: Regional Economic Outlook, October 2018, Europe : Domestic Expansion Running into External Turbulence

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

ISBN: 9781484375402

Keywords: Europe, Regional Economic Outlook, economic outlook, financial conditions, fiscal policy, monetary policy, emerging Europe, advanced Europe

Economic activity continued to expand in the first half of 2018, albeit at a slower-than-expected pace, mainly in advanced Europe. Domestic demand, supported by stronger employment and wages, remains the main engin...

An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank

An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank »

Volume/Issue: 2018/210

Series: IMF Working Papers

Author(s): Rania Al-Mashat , Ales Bulir , N. Nergiz Dinçer , Tibor Hlédik , Tomás Holub , Asya Kostanyan , Douglas Laxton , Armen Nurbekyan , Rafael Portillo , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484374832.001

ISBN: 9781484374832

Keywords: Central banks, Czech Republic, Europe, Inflation targeting, Monetary policy, Transparency, General

This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-ta...

An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank

An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank »

Source: An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank

Volume/Issue: 2018/210

Series: IMF Working Papers

Author(s): Rania Al-Mashat , Ales Bulir , N. Nergiz Dinçer , Tibor Hlédik , Tomás Holub , Asya Kostanyan , Douglas Laxton , Armen Nurbekyan , Rafael Portillo , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

ISBN: 9781484374832

Keywords: Central banks, Czech Republic, Europe, Inflation targeting, Monetary policy, Transparency, General

This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-ta...

Czech Republic: Selected Issues

Czech Republic: Selected Issues »

Source: Czech Republic : Selected Issues

Volume/Issue: 2018/188

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2018

ISBN: 9781484363751

Keywords: Labor supply, Labor force participation, Labor productivity, Labor market policy, Women, Selected issues

This Selected Issues paper examines the state of labor supply in the Czech Republic. The Czech working age population is projected to decline. This has important implications for labor supply and long-term growth....

Czech Republic: Selected Issues

Czech Republic: Selected Issues »

Source: Czech Republic : Selected Issues

Volume/Issue: 2018/188

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2018

ISBN: 9781484363751

Keywords: Labor supply, Labor force participation, Labor productivity, Labor market policy, Women, Selected issues

This Selected Issues paper examines the state of labor supply in the Czech Republic. The Czech working age population is projected to decline. This has important implications for labor supply and long-term growth....

Czech Republic: Staff Report for the 2018 Article IV Consultation

Czech Republic: Staff Report for the 2018 Article IV Consultation »

Source: Czech Republic : 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Volume/Issue: 2018/187

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2018

ISBN: 9781484363669

Keywords: Article IV consultation reports, Monetary policy, Price stability, Macroprudential policies and financial stability, Fiscal policy, Housing, Employment, Labor productivity, Economic indicators, Press releases

This 2018 Article IV Consultation highlights that Czech Republic's growth has been strong, broad-based and job rich. The economy grew at 4.4 percent in 2017, led by strong domestic demand. The unemployment rate fel...

Czech Republic: Staff Report for the 2018 Article IV Consultation—Informational Annex

Czech Republic: Staff Report for the 2018 Article IV Consultation—Informational Annex »

Source: Czech Republic : 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Volume/Issue: 2018/187

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2018

ISBN: 9781484363669

Keywords: Article IV consultation reports, Monetary policy, Price stability, Macroprudential policies and financial stability, Fiscal policy, Housing, Employment, Labor productivity, Economic indicators, Press releases

This 2018 Article IV Consultation highlights that Czech Republic's growth has been strong, broad-based and job rich. The economy grew at 4.4 percent in 2017, led by strong domestic demand. The unemployment rate fel...

IMF Executive Board Concludes 2018 Article IV Consultation with the Czech Republic

IMF Executive Board Concludes 2018 Article IV Consultation with the Czech Republic »

Source: Czech Republic : 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Volume/Issue: 2018/187

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2018

ISBN: 9781484363669

Keywords: Article IV consultation reports, Monetary policy, Price stability, Macroprudential policies and financial stability, Fiscal policy, Housing, Employment, Labor productivity, Economic indicators, Press releases

This 2018 Article IV Consultation highlights that Czech Republic's growth has been strong, broad-based and job rich. The economy grew at 4.4 percent in 2017, led by strong domestic demand. The unemployment rate fel...

Czech Republic
			: 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Czech Republic : 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic »

Volume/Issue: 2018/187

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2018

DOI: http://dx.doi.org/10.5089/9781484363669.002

ISBN: 9781484363669

Keywords: Article IV consultation reports, Monetary policy, Price stability, Macroprudential policies and financial stability, Fiscal policy, Housing, Employment, Labor productivity, Economic indicators, Press releases

This 2018 Article IV Consultation highlights that Czech Republic's growth has been strong, broad-based and job rich. The economy grew at 4.4 percent in 2017, led by strong domestic demand. The unemployment rate fel...

Czech Republic
			: Selected Issues

Czech Republic : Selected Issues »

Volume/Issue: 2018/188

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2018

DOI: http://dx.doi.org/10.5089/9781484363751.002

ISBN: 9781484363751

Keywords: Labor supply, Labor force participation, Labor productivity, Labor market policy, Women, Selected issues

This Selected Issues paper examines the state of labor supply in the Czech Republic. The Czech working age population is projected to decline. This has important implications for labor supply and long-term growth....

Statement by Michaela Erbenova, Executive Director for the Czech Republic and Ondra Stradal, Advisor June 22, 2018

Statement by Michaela Erbenova, Executive Director for the Czech Republic and Ondra Stradal, Advisor June 22, 2018 »

Source: Czech Republic : 2018 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Volume/Issue: 2018/187

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2018

ISBN: 9781484363669

Keywords: Article IV consultation reports, Monetary policy, Price stability, Macroprudential policies and financial stability, Fiscal policy, Housing, Employment, Labor productivity, Economic indicators, Press releases

This 2018 Article IV Consultation highlights that Czech Republic's growth has been strong, broad-based and job rich. The economy grew at 4.4 percent in 2017, led by strong domestic demand. The unemployment rate fel...

Advancing the Frontiers of Monetary Policy

Advancing the Frontiers of Monetary Policy »

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

DOI: http://dx.doi.org/10.5089/9781484325940.071

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also...

Back Matter

Back Matter »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also...

Front Matter

Front Matter »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also...

Chapter 14. A Robust and Adaptable Nominal Anchor

Chapter 14. A Robust and Adaptable Nominal Anchor »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Even if it is now all too evident that the stabilization of inflation and inflation expectations does not by itself guarantee that macroeconomic i...

Chapter 1. An Overview of Inflation-Forecast Targeting

Chapter 1. An Overview of Inflation-Forecast Targeting »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

In 1990, the Reserve Bank of New Zealand became the first central bank to announce an inflation target, followed a year later by the Bank of Canada. This was a significant step towa...

Chapter 9. Canada: A Well-Established System

Chapter 9. Canada: A Well-Established System »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

WHEREAS it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the na...

Chapter 10. Czech Republic: Transition to the Frontier

Chapter 10. Czech Republic: Transition to the Frontier »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

The Czech experience with inflation targeting thus illustrates that the ultimate purpose of inflation targeting is not to announce inflation targe...

Chapter 7. Financial Conditions

Chapter 7. Financial Conditions »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Financial conditions are important. They matter enormously to monetary policy because their movements can often diverge from the trajectory of sho...

Chapter 2. First Principles

Chapter 2. First Principles »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Inflation targeting implies inflation-forecast targeting. —L. E. O. Svensson (1997) In...

Chapter 11. India: Stabilizing Inflation

Chapter 11. India: Stabilizing Inflation »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

The nominal anchor should be communicated without ambiguity, so as to ensure a monetary policy regime shift away from the current approach to one...

Chapter 13. Low-Income Countries

Chapter 13. Low-Income Countries »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

The farmers care a lot more about the rain than they do about interest rates. But the central bank has a lot more influence over the interest rate...

Chapter 3. Managing Expectations

Chapter 3. Managing Expectations »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

For not only do expectations about policy matter, but, at least under current conditions, very little else matters. —M. Woodford (2005)...

Chapter 5. Monetary Operations

Chapter 5. Monetary Operations »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Monetary operations that stabilize and align short-term market rates with the policy rate reduce liquidity risks, assisting banks with their liquidity management and...

Chapter 6. Monetary Policy and Financial Stability

Chapter 6. Monetary Policy and Financial Stability »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Monetary policy faces significant limitations as a tool to promote financial stability . . . [However,] it may be appropriate to adjust monetary p...

Chapter 4. Nuts and Bolts of a Forecasting and Policy Analysis System

Chapter 4. Nuts and Bolts of a Forecasting and Policy Analysis System »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

Inflation-forecast targeting involves using a wide range of information in order to obtain the best forecasts for inflation and the economy. The s...

Chapter 8. Transparency and Communications

Chapter 8. Transparency and Communications »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

There are two key factors behind the move to increased transparency on the part of central banks. The first is the relationship between transparen...

Chapter 12. United States: Federal Reserve’s Dual Mandate

Chapter 12. United States: Federal Reserve’s Dual Mandate »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

The FOMC is firmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate lo...

Part I: The Frontiers of Monetary Policymaking

Part I: The Frontiers of Monetary Policymaking »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

...

Part II: Principles and Practices of Inflation-Forecast Targeting

Part II: Principles and Practices of Inflation-Forecast Targeting »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

...

Part III: Inflation-Forecast Targeting in Four Countries

Part III: Inflation-Forecast Targeting in Four Countries »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

...

Part IV: A Widened Perspective for Inflation-Forecast Targeting

Part IV: A Widened Perspective for Inflation-Forecast Targeting »

Source: Advancing the Frontiers of Monetary Policy

Series: Books

Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484325940

Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control

...

Revisiting the Economic Case for Fiscal Union in the Euro Area

Revisiting the Economic Case for Fiscal Union in the Euro Area »

Volume/Issue: 2018/3

Series: Departmental Papers / Policy Papers

Author(s): Helge Berger , Giovanni Dell'Ariccia , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2018

DOI: http://dx.doi.org/10.5089/9781484340424.087

ISBN: 9781484340424

Keywords: Sweden, Switzerland, United Kingdom, Monetary unions, Spain, Italy, Fiscal policy, France, Germany, Greece

The paper makes an analytical contribution to the revived discussion about the euro area's institutional setup. After significant progress during the euro crisis, the drive to complete Europe's Economic and Monetar...

Revisiting the Economic Case for Fiscal Union in the Euro Area

Revisiting the Economic Case for Fiscal Union in the Euro Area »

Source: Revisiting the Economic Case for Fiscal Union in the Euro Area

Volume/Issue: 2018/3

Series: Departmental Papers / Policy Papers

Author(s): Helge Berger , Giovanni Dell'Ariccia , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2018

ISBN: 9781484340424

Keywords: Sweden, Switzerland, United Kingdom, Monetary unions, Spain, Italy, Fiscal policy, France, Germany, Greece

The paper makes an analytical contribution to the revived discussion about the euro area's institutional setup. After significant progress during the euro crisis, the drive to complete Europe's Economic and Monetar...

Did the Exchange Rate Floor Prevent Deflation in the Czech Republic?

Did the Exchange Rate Floor Prevent Deflation in the Czech Republic? »

Source: Did the Exchange Rate Floor Prevent Deflation in the Czech Republic?

Volume/Issue: 2017/206

Series: IMF Working Papers

Author(s): Francesca Caselli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2017

ISBN: 9781484319291

Keywords: Foreign exchange, Czech Republic, Europe, Foreign exchange intervention, Central banks and their policies, exchange rate, synthetic control method

To fight deflationary pressures at the zero lower bound, in November 2013, the Czech National Bank (CNB) introduced a one-sided floor on the exchange rate, as an additional monetary policy instrument. This paper in...

Did the Exchange Rate Floor Prevent Deflation in the Czech Republic?

Did the Exchange Rate Floor Prevent Deflation in the Czech Republic? »

Volume/Issue: 2017/206

Series: IMF Working Papers

Author(s): Francesca Caselli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2017

DOI: http://dx.doi.org/10.5089/9781484319291.001

ISBN: 9781484319291

Keywords: Foreign exchange, Czech Republic, Europe, Foreign exchange intervention, Central banks and their policies, exchange rate, synthetic control method

To fight deflationary pressures at the zero lower bound, in November 2013, the Czech National Bank (CNB) introduced a one-sided floor on the exchange rate, as an additional monetary policy instrument. This paper in...

Czech Republic

Czech Republic »

Source: Czech Republic : Selected Issues

Volume/Issue: 2017/169

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2017

ISBN: 9781484305263

Keywords: Europe, Czech Republic

This Selected Issues paper analyzes the Czech Republic's monetary policy after removal of the exchange rate floor. The koruna-euro exchange rate floor, which had been in place for more than three years, was elimina...

Czech Republic: Staff Report for the 2017 Article IV Consultation

Czech Republic: Staff Report for the 2017 Article IV Consultation »

Source: Czech Republic : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Volume/Issue: 2017/168

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2017

ISBN: 9781484305256

Keywords: Czech Republic, Europe

This 2017 Article IV Consultation highlights the strong Czech economy. It grew by 2.4 percent in 2016, and unemployment is now the lowest in the European Union. Headline inflation is at the target, and external def...

Czech Republic: Staff Report for the 2017 Article IV Consultation—Informational Annex

Czech Republic: Staff Report for the 2017 Article IV Consultation—Informational Annex »

Source: Czech Republic : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Volume/Issue: 2017/168

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2017

ISBN: 9781484305256

Keywords: Czech Republic, Europe

This 2017 Article IV Consultation highlights the strong Czech economy. It grew by 2.4 percent in 2016, and unemployment is now the lowest in the European Union. Headline inflation is at the target, and external def...

IMF Executive Board Concludes 2017 Article IV Consultation with the Czech Republic

IMF Executive Board Concludes 2017 Article IV Consultation with the Czech Republic »

Source: Czech Republic : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Volume/Issue: 2017/168

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2017

ISBN: 9781484305256

Keywords: Czech Republic, Europe

This 2017 Article IV Consultation highlights the strong Czech economy. It grew by 2.4 percent in 2016, and unemployment is now the lowest in the European Union. Headline inflation is at the target, and external def...

Czech Republic
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Czech Republic : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic »

Volume/Issue: 2017/168

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2017

DOI: http://dx.doi.org/10.5089/9781484305256.002

ISBN: 9781484305256

Keywords: Czech Republic, Europe

This 2017 Article IV Consultation highlights the strong Czech economy. It grew by 2.4 percent in 2016, and unemployment is now the lowest in the European Union. Headline inflation is at the target, and external def...

Czech Republic
			: Selected Issues

Czech Republic : Selected Issues »

Volume/Issue: 2017/169

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2017

DOI: http://dx.doi.org/10.5089/9781484305263.002

ISBN: 9781484305263

Keywords: Europe, Czech Republic

This Selected Issues paper analyzes the Czech Republic's monetary policy after removal of the exchange rate floor. The koruna-euro exchange rate floor, which had been in place for more than three years, was elimina...

Statement by Michaela Erbenova, Executive Director for Czech Republic And Ondra Stradal, Advisor to the Executive Director, June 21,2017

Statement by Michaela Erbenova, Executive Director for Czech Republic And Ondra Stradal, Advisor to the Executive Director, June 21,2017 »

Source: Czech Republic : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Czech Republic

Volume/Issue: 2017/168

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2017

ISBN: 9781484305256

Keywords: Czech Republic, Europe

This 2017 Article IV Consultation highlights the strong Czech economy. It grew by 2.4 percent in 2016, and unemployment is now the lowest in the European Union. Headline inflation is at the target, and external def...

Czech Magic

Czech Magic »

Source: Czech Magic : Implementing Inflation-Forecast Targeting at the CNB

Volume/Issue: 2017/21

Series: IMF Working Papers

Author(s): Kevin Clinton , Tibor Hlédik , Tomás Holub , Douglas Laxton , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2017

ISBN: 9781475572971

Keywords: Inflation targeting, Czech Republic, Central banks, Monetary policy, Forecasting models, Inflation Targeting, Monetary Policy, Optimal Control

This paper describes the CNB's experience implementing an inflation-forecast targeting (IFT) regime, and the building of a system for providing the economic information that policymakers need to implement IFT. The...

Czech Magic
			: Implementing Inflation-Forecast Targeting at the CNB

Czech Magic : Implementing Inflation-Forecast Targeting at the CNB »

Volume/Issue: 2017/21

Series: IMF Working Papers

Author(s): Kevin Clinton , Tibor Hlédik , Tomás Holub , Douglas Laxton , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2017

DOI: http://dx.doi.org/10.5089/9781475572971.001

ISBN: 9781475572971

Keywords: Inflation targeting, Czech Republic, Central banks, Monetary policy, Forecasting models, Inflation Targeting, Monetary Policy, Optimal Control

This paper describes the CNB's experience implementing an inflation-forecast targeting (IFT) regime, and the building of a system for providing the economic information that policymakers need to implement IFT. The...

Czech Republic: Staff Report for the 2016 Article IV Consultation

Czech Republic: Staff Report for the 2016 Article IV Consultation »

Source: Czech Republic : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic

Volume/Issue: 2016/213

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2016

ISBN: 9781475568011

Keywords: Article IV consultation reports, Economic growth, Fiscal policy, Fiscal reforms, Monetary policy, Inflation targeting, Negative interest rates, Bank supervision, Economic indicators, Balance of payments statistics

This paper provides a technical report on the work of the Banking Supervision Department of the Bank of Israel. Banking supervision in Israel follows a very rigorous and comprehensive approach. Supervisory practice...

Czech Republic: Staff Report for the 2016 Article IV Consultation—Informational Annex

Czech Republic: Staff Report for the 2016 Article IV Consultation—Informational Annex »

Source: Czech Republic : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic

Volume/Issue: 2016/213

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2016

ISBN: 9781475568011

Keywords: Article IV consultation reports, Economic growth, Fiscal policy, Fiscal reforms, Monetary policy, Inflation targeting, Negative interest rates, Bank supervision, Economic indicators, Balance of payments statistics

This paper provides a technical report on the work of the Banking Supervision Department of the Bank of Israel. Banking supervision in Israel follows a very rigorous and comprehensive approach. Supervisory practice...

IMF Executive Board Concludes 2016 Article IV Consultation with the Czech Republic

IMF Executive Board Concludes 2016 Article IV Consultation with the Czech Republic »

Source: Czech Republic : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic

Volume/Issue: 2016/213

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2016

ISBN: 9781475568011

Keywords: Article IV consultation reports, Economic growth, Fiscal policy, Fiscal reforms, Monetary policy, Inflation targeting, Negative interest rates, Bank supervision, Economic indicators, Balance of payments statistics

This paper provides a technical report on the work of the Banking Supervision Department of the Bank of Israel. Banking supervision in Israel follows a very rigorous and comprehensive approach. Supervisory practice...

Czech Republic
			: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic

Czech Republic : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic »

Volume/Issue: 2016/213

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2016

DOI: http://dx.doi.org/10.5089/9781475568011.002

ISBN: 9781475568011

Keywords: Article IV consultation reports, Economic growth, Fiscal policy, Fiscal reforms, Monetary policy, Inflation targeting, Negative interest rates, Bank supervision, Economic indicators, Balance of payments statistics

This paper provides a technical report on the work of the Banking Supervision Department of the Bank of Israel. Banking supervision in Israel follows a very rigorous and comprehensive approach. Supervisory practice...

Statement by Ibrahim Canakci, Executive Director for Czech Republic and Miroslav Kollar, Senior Advisor to the Executive Director, June 24, 2016

Statement by Ibrahim Canakci, Executive Director for Czech Republic and Miroslav Kollar, Senior Advisor to the Executive Director, June 24, 2016 »

Source: Czech Republic : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Czech Republic

Volume/Issue: 2016/213

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2016

ISBN: 9781475568011

Keywords: Article IV consultation reports, Economic growth, Fiscal policy, Fiscal reforms, Monetary policy, Inflation targeting, Negative interest rates, Bank supervision, Economic indicators, Balance of payments statistics

This paper provides a technical report on the work of the Banking Supervision Department of the Bank of Israel. Banking supervision in Israel follows a very rigorous and comprehensive approach. Supervisory practice...

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries - Background Paper - Country Experiences

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries - Background Paper - Country Experiences »

Source: Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries - Background Paper - Country Experiences

Volume/Issue: 2015/069

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 October 2015

ISBN: 9781498344050

Keywords: Background papers, Cross country analysis, Emerging markets, Monetary policy, Sub-Saharan Africa, Real sector, Central bank independence, Central bank autonomy, Financial crises, Central banking and monetary issues

This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses...

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries - Background Paper - Country Experiences

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries - Background Paper - Country Experiences »

Volume/Issue: 2015/069

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 October 2015

DOI: http://dx.doi.org/10.5089/9781498344050.007

ISBN: 9781498344050

Keywords: Background papers, Cross country analysis, Emerging markets, Monetary policy, Sub-Saharan Africa, Real sector, Central bank independence, Central bank autonomy, Financial crises, Central banking and monetary issues

This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses...

Czech Republic: Staff Report for the 2015 Article IV Consultation

Czech Republic: Staff Report for the 2015 Article IV Consultation »

Source: Czech Republic : Staff Report for the 2015 Article IV Consultation

Volume/Issue: 2015/198

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2015

ISBN: 9781513583655

Keywords: inflation, market, exchange, monetary fund

The economy is growing strongly on account of improving domestic demand and robust exports. Fiscal policy has been supportive of the recovery and the authorities' medium-term fiscal objective is appropriate, but fi...

Czech Republic: Staff Report for the 2015 Article IV Consultation—Informational Annex

Czech Republic: Staff Report for the 2015 Article IV Consultation—Informational Annex »

Source: Czech Republic : Staff Report for the 2015 Article IV Consultation

Volume/Issue: 2015/198

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2015

ISBN: 9781513583655

Keywords: inflation, market, exchange, monetary fund

The economy is growing strongly on account of improving domestic demand and robust exports. Fiscal policy has been supportive of the recovery and the authorities' medium-term fiscal objective is appropriate, but fi...

IMF Executive Board Concludes 2013 Article IV Consultation with Czech Republic

IMF Executive Board Concludes 2013 Article IV Consultation with Czech Republic »

Source: Czech Republic : Staff Report for the 2015 Article IV Consultation

Volume/Issue: 2015/198

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2015

ISBN: 9781513583655

Keywords: inflation, market, exchange, monetary fund

The economy is growing strongly on account of improving domestic demand and robust exports. Fiscal policy has been supportive of the recovery and the authorities' medium-term fiscal objective is appropriate, but fi...

Czech Republic
			: Staff Report for the 2015 Article IV Consultation

Czech Republic : Staff Report for the 2015 Article IV Consultation »

Volume/Issue: 2015/198

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2015

DOI: http://dx.doi.org/10.5089/9781513583655.002

ISBN: 9781513583655

Keywords: inflation, market, exchange, monetary fund

The economy is growing strongly on account of improving domestic demand and robust exports. Fiscal policy has been supportive of the recovery and the authorities' medium-term fiscal objective is appropriate, but fi...

Cross-Country Report on Inflation

Cross-Country Report on Inflation »

Source: Cross-Country Report on Inflation : Selected Issues

Volume/Issue: 2015/184

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2015

ISBN: 9781513525464

Keywords: inflation, external factors, core inflation, output gap, disinflation

This Selected Issues paper examines the causes and drivers of low inflation in European inflation targeting countries outside the euro area, focusing on the Czech Republic, Poland, Sweden, and Switzerland. It estim...

Cross-Country Report on Inflation
			: Selected Issues

Cross-Country Report on Inflation : Selected Issues »

Volume/Issue: 2015/184

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2015

DOI: http://dx.doi.org/10.5089/9781513525464.002

ISBN: 9781513525464

Keywords: inflation, external factors, core inflation, output gap, disinflation

This Selected Issues paper examines the causes and drivers of low inflation in European inflation targeting countries outside the euro area, focusing on the Czech Republic, Poland, Sweden, and Switzerland. It estim...

Frontiers of Monetary Policymaking

Frontiers of Monetary Policymaking »

Source: Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Volume/Issue: 2015/74

Series: IMF Working Papers

Author(s): Ali Alichi , Jaromir Benes , Joshua Felman , Irene Feng , Charles Freedman , Douglas Laxton , Evan Tanner , David Vavra , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

ISBN: 9781475532371

Keywords: Inflation-Forecast Targeting, exchange rate tool, zero lower bound, forward guidance, central bank communications, inflation, exchange, exchange rate, interest, Monetary Policy (Targets

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in addi...

Frontiers of Monetary Policymaking
			: Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic »

Volume/Issue: 2015/74

Series: IMF Working Papers

Author(s): Ali Alichi , Jaromir Benes , Joshua Felman , Irene Feng , Charles Freedman , Douglas Laxton , Evan Tanner , David Vavra , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

DOI: http://dx.doi.org/10.5089/9781475532371.001

ISBN: 9781475532371

Keywords: Inflation-Forecast Targeting, exchange rate tool, zero lower bound, forward guidance, central bank communications, inflation, exchange, exchange rate, interest, Monetary Policy (Targets

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in addi...

Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?1

Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?1 »

Source: Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?

Volume/Issue: 2014/175

Series: IMF Working Papers

Author(s): Ales Bulir , Martin Cihak , and David-Jan Jansen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2014

ISBN: 9781498392914

Keywords: central bank communication, clarity, inflation reports, volatility, central bank, monetary policy, financial market, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, a...

Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?

Does the Clarity of Inflation Reports Affect Volatility in Financial Markets? »

Volume/Issue: 2014/175

Series: IMF Working Papers

Author(s): Ales Bulir , Martin Cihak , and David-Jan Jansen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2014

DOI: http://dx.doi.org/10.5089/9781498392914.001

ISBN: 9781498392914

Keywords: central bank communication, clarity, inflation reports, volatility, central bank, monetary policy, financial market, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, a...

Czech Republic: Staff Report for the 2014 Article IV Consultation

Czech Republic: Staff Report for the 2014 Article IV Consultation »

Source: Czech Republic : Staff Report for the 2014 Article IV Consultation

Volume/Issue: 2014/256

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2014

ISBN: 9781484393383

Keywords: inflation, monetary policy, central bank, foreign exchange, national bank

Growth is gaining momentum, led by strong external demand while domestic demand is also picking up. The central bank's foreign exchange intervention policy has helped stem deflationary pressures but inflation is st...

Czech Republic: Staff Report for the 2014 Article IV Consultation—Informational Annex

Czech Republic: Staff Report for the 2014 Article IV Consultation—Informational Annex »

Source: Czech Republic : Staff Report for the 2014 Article IV Consultation

Volume/Issue: 2014/256

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2014

ISBN: 9781484393383

Keywords: inflation, monetary policy, central bank, foreign exchange, national bank

Growth is gaining momentum, led by strong external demand while domestic demand is also picking up. The central bank's foreign exchange intervention policy has helped stem deflationary pressures but inflation is st...

IMF Executive Board Concludes 2014 Article IV Consultation with the Czech Republic

IMF Executive Board Concludes 2014 Article IV Consultation with the Czech Republic »

Source: Czech Republic : Staff Report for the 2014 Article IV Consultation

Volume/Issue: 2014/256

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2014

ISBN: 9781484393383

Keywords: inflation, monetary policy, central bank, foreign exchange, national bank

Growth is gaining momentum, led by strong external demand while domestic demand is also picking up. The central bank's foreign exchange intervention policy has helped stem deflationary pressures but inflation is st...

Czech Republic
			: Staff Report for the 2014 Article IV Consultation

Czech Republic : Staff Report for the 2014 Article IV Consultation »

Volume/Issue: 2014/256

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2014

DOI: http://dx.doi.org/10.5089/9781484393383.002

ISBN: 9781484393383

Keywords: inflation, monetary policy, central bank, foreign exchange, national bank

Growth is gaining momentum, led by strong external demand while domestic demand is also picking up. The central bank's foreign exchange intervention policy has helped stem deflationary pressures but inflation is st...

Statement by Johann Prader, Executive Director for Czech Republic and Miroslav Kollar, Second Alternate Executive Director, August 27, 2014

Statement by Johann Prader, Executive Director for Czech Republic and Miroslav Kollar, Second Alternate Executive Director, August 27, 2014 »

Source: Czech Republic : Staff Report for the 2014 Article IV Consultation

Volume/Issue: 2014/256

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2014

ISBN: 9781484393383

Keywords: inflation, monetary policy, central bank, foreign exchange, national bank

Growth is gaining momentum, led by strong external demand while domestic demand is also picking up. The central bank's foreign exchange intervention policy has helped stem deflationary pressures but inflation is st...

Statement by the IMF Staff Representative on the Czech Republic, August 27, 2014

Statement by the IMF Staff Representative on the Czech Republic, August 27, 2014 »

Source: Czech Republic : Staff Report for the 2014 Article IV Consultation

Volume/Issue: 2014/256

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2014

ISBN: 9781484393383

Keywords: inflation, monetary policy, central bank, foreign exchange, national bank

Growth is gaining momentum, led by strong external demand while domestic demand is also picking up. The central bank's foreign exchange intervention policy has helped stem deflationary pressures but inflation is st...