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This diploma thesis deals with the CNB’s foreign exchange interventions that took place in 2013-2017. The thesis presents concrete recommendations for economic policy maker who consider using foreign exchange intervention as an unconventional monetary policy tool in the situation of ZLB. The recommendations are based on the assessment of the effects of foreign exchange intervention on the Czech economy. Specifically, the thesis verifies whether foreign exchange interventions really stimulated consumer price inflation in the Czech Republic. Moreover, the thesis verifies whether there was a change in the growth of labour productivity at major domestic exporters at the time of foreign exchange interventions. Last but not least, the thesis examines the impact of foreign exchange interventions on the CNB’s bottom lines in 2013-2018. |
