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