This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience Author info | Abstract | Publisher info | Download info | Related research | Statistics ADAM GERSL
TOMÁS HOLUB
Additional information is available for the following
registered author(s):
This article discusses the role of foreign exchange interventions in the inflation-targeting regime, focusing on the Czech experience since 1998. We find some evidence that the interventions had a statistically significant, but short lived and economically not very important, impact on the koruna's exchange rate and its volatility. We also discuss consistency of the interventions with the inflation-targeting framework. All the Czech intervention episodes are judged to be consistent with the inflation targets and output developments, but for two episodes not fully consistent regarding the mix of monetary conditions. (JEL "E42, E44, E52, E58, E65, F31") Copyright 2006 Western Economic Association International.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by Western Economic Association International in its journal Contemporary Economic Policy .
Volume (Year): 24 (2006)
Issue (Month): 4 (October)
Pages: 475-491
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:bla:coecpo:v:24:y:2006:i:4:p:475-491Contact details of provider: Postal: 7400 Center Avenue, Suite 109, Huntington Beach, CA 92647 USA Phone: 714-898-3222 Fax: 714-891-6715 Email: Web page: http://www.blackwellpublishing.com/journal.asp?ref=1074-3529 More information through EDIRC
Order Information: Web: http://www.blackwellpublishing.com/subs.asp?ref=1074-3529
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Arminio Fraga & Ilan Goldfajn & Andre Minella, 2003.
"Inflation Targeting in Emerging Market Economies ,"
NBER Working Papers
10019, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Lucio Sarno & Mark P. Taylor, 2001.
"Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work? ,"
Journal of Economic Literature ,
American Economic Association, vol. 39(3), pages 839-868, September.
[Downloadable!] (restricted)
Other versions: Stanley Fischer, 2001.
"Exchange Rate Regimes: Is the Bipolar View Correct? ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 15(2), pages 3-24, Spring.
[Downloadable!] (restricted)
Kouri, Pentti J K, 1976.
" The Exchange Rate and the Balance of Payments in the Short Run and in the Long Run: A Monetary Approach ,"
Scandinavian Journal of Economics ,
Blackwell Publishing, vol. 78(2), pages 280-304.
Jonathan Kearns & Roberto Rigobon, 2002.
"Identifying the Efficacy of Central Bank Interventions: The Australian Case ,"
NBER Working Papers
9062, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Svensson, Lars E. O., 1997.
"Inflation forecast targeting: Implementing and monitoring inflation targets ,"
European Economic Review ,
Elsevier, vol. 41(6), pages 1111-1146, June.
[Downloadable!] (restricted)
Other versions:
Svensson, L-E-O, 1996.
"Inflation Forecast Targeting : Implementaing and Monitoring Inflation Targets ,"
Papers
615, Stockholm - International Economic Studies.
Svensson, Lars E.O., 1997.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
Seminar Papers
615, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Svensson, Lars E O, 1996.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
CEPR Discussion Papers
1511, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Lars E. O. Svensson, 1997.
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
NBER Working Papers
5797, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Lars E O Svensson, .
"Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets ,"
Bank of England working papers
56, Bank of England.
Anna J. Schwartz, 2000.
"The Rise and Fall of Foreign Exchange Market Intervention ,"
NBER Working Papers
7751, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Martin Cihak & Tomas Holub, 2003.
"Price Convergence to the EU; What Do the 1999 ICP Data Tell Us? ,"
Working Papers
2003/02, Czech National Bank, Research Department.
[Downloadable!]
Priscilla Chiu, 2003.
"Transparency versus constructive ambiguity in foreign exchange intervention ,"
BIS Working Papers
144, Bank for International Settlements.
[Downloadable!]
Svensson, Lars E. O., 1999.
"Inflation targeting as a monetary policy rule ,"
Journal of Monetary Economics ,
Elsevier, vol. 43(3), pages 607-654, June.
[Downloadable!] (restricted)
Other versions:
Lars E.O. Svensson, 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
NBER Working Papers
6790, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Svensson, Lars E.O., 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
Seminar Papers
646, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Svensson, L.E.O., 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
Papers
646, Stockholm - International Economic Studies.
Svensson, Lars E O, 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
CEPR Discussion Papers
1998, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) David Romer, 2000.
"Keynesian Macroeconomics without the LM Curve ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 14(2), pages 149-169, Spring.
[Downloadable!] (restricted)
Other versions: Lyons, Richard K., 1997.
"A simultaneous trade model of the foreign exchange hot potato ,"
Journal of International Economics ,
Elsevier, vol. 42(3-4), pages 275-298, May.
[Downloadable!] (restricted)
Jorge Iván Canales Kriljenko, 2003.
"Foreign Exchange Intervention in Developing and Transition Economies: Results of a Survey ,"
IMF Working Papers
03/95, International Monetary Fund.
[Downloadable!]
Bofinger, Peter & Wollmershaeuser, Timo, 2001.
"Managed Floating: Understanding the New International Monetary Order ,"
CEPR Discussion Papers
3064, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Alexis Derviz, 2003.
"Components of the Czech Koruna Risk Premium in a Multiple-Dealer FX Market ,"
Working Papers
2003/04, Czech National Bank, Research Department.
[Downloadable!]
Rogoff, Kenneth, 1984.
"On the effects of sterilized intervention : An analysis of weekly data ,"
Journal of Monetary Economics ,
Elsevier, vol. 14(2), pages 133-150, September.
[Downloadable!] (restricted)
Alina Carare & Andrea Schaechter & Mark R. Stone & Marc Zelmer, 2002.
"Establishing Initial Conditions in Support of Inflation Targeting ,"
IMF Working Papers
02/102, International Monetary Fund.
[Downloadable!]
Guillermo A. Calvo & Carmen M. Reinhart, 2000.
"Fear of Floating ,"
NBER Working Papers
7993, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Reinhart, Carmen & Calvo, Guillermo, 2002.
"Fear of floating ,"
MPRA Paper
14000, University Library of Munich, Germany.
[Downloadable!] Guillermo A. Calvo & Carmen M. Reinhart, 2002.
"Fear Of Floating ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 117(2), pages 379-408, May.
[Downloadable!] (restricted) Popper, Helen & Montgomery, John D., 2001.
"Information sharing and central bank intervention in the foreign exchange market ,"
Journal of International Economics ,
Elsevier, vol. 55(2), pages 295-316, December.
[Downloadable!] (restricted)
Roberto Pereira Guimarães & Jorge Iván Canales Kriljenko & Cem Karacadag, 2003.
"Official Intervention in the Foreign Exchange Market: Elements of Best Practice ,"
IMF Working Papers
03/152, International Monetary Fund.
[Downloadable!]
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Horvath, Roman, 2006.
"Modelling Central Bank Intervention Activity under Inflation Targeting ,"
MPRA Paper
914, University Library of Munich, Germany.
[Downloadable!]
Other versions: Gnabo, Jean-Yves & de Mello, Luiz & Moccero, Diego, 2008.
"Interdependencies between Monetary Policy and Foreign Exchange Intervention under Inflation Targeting: The Case of Brazil and the Czech Republic ,"
Working Papers
RP2008/95, World Institute for Development Economic Research (UNU-WIDER).
[Downloadable!]
Balazs Egert, 2006.
"Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies ,"
IEHAS Discussion Papers
0615, Institute of Economics, Hungarian Academy of Sciences.
[Downloadable!]
Other versions:
Balázs Égert, 2006.
"Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies ,"
Working Papers
134, Oesterreichische Nationalbank (Austrian Central Bank).
[Downloadable!] Balázs Égert, 2006.
"Central Bank Interventions, Communication and Interest Rate Policy in Emerging European Economies ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
[Downloadable!] Egert, Balazs, 2007.
"Central bank interventions, communication and interest rate policy in emerging European economies ,"
Journal of Comparative Economics ,
Elsevier, vol. 35(2), pages 387-413, June.
[Downloadable!] (restricted) Roman Horváth, 2007.
"Estimating Time-Varying Policy Neutral Rate in Real Time ,"
Working Papers IES
2007/01, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2007.
[Downloadable!]
Jarko Fidrmuc & Roman Horváth, 2006.
"Credibility of Exchange Rate Policies in Selected EU New Members: Evidence from High Frequency Data ,"
Working Papers IES
2006/28, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Oct 2006.
[Downloadable!]
Juraj Antal & Michal Hlavacek & Tomas Holub, 2008.
"Basic Characteristics of Inflation Targeting in the Czech Republic ,"
Occasional Publications - Chapters in Edited Volumes ,
in: Katerina Smidkova (ed.), Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007, chapter 2, pages 18-34
Czech National Bank, Research Department.
[Downloadable!]
Balazs Egert & Lubos Komarek, 2005.
"Foreign Exchange Interventions and Interest Rate Policy in the Czech Republic: Hand in Glove? ,"
Working Papers
2005/07, Czech National Bank, Research Department.
[Downloadable!]
Other versions: Piti Disyatat & Gabriele Galati, 2005.
"The effectiveness of foreign exchange intervention in emerging market countries ,"
BIS Papers chapters ,
in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 97-113
Bank for International Settlements.
[Downloadable!]
Alena Bicakova & Kamil Dybczak & Ales Krejdl & Jiri Slacalek & Michal Slavik, 2007.
"CNB Economic Research Bulletin: Fiscal policy and its sustainability ,"
Occasional Publications - Edited Volumes ,
Czech National Bank, Research Department,
edition 2, volume 5, number rb05/2 edited by Ian Babetskii & Vladimir Bezdek.
[Downloadable!]
Ales Bulir, 2003.
"Some Exchange Rates Are More Stable than Others; Short-Run Evidence from Transition Countries ,"
Working Papers
2003/05, Czech National Bank, Research Department.
[Downloadable!]
Herman kamil, 2008.
"Is Central Bank Intervention Effective Under Inflation Targeting Regimes? The Case of Colombia ,"
IMF Working Papers
08/88, International Monetary Fund.
[Downloadable!]
M S Mohanty & Philip Turner, 2005.
"Intervention: what are the domestic consequences? ,"
BIS Papers chapters ,
in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 56-81
Bank for International Settlements.
[Downloadable!]
Balázs Égert, 2006.
"Central Bank Interventions, Communication & Interest Rate Policy in Emerging European Economies ,"
William Davidson Institute Working Papers Series
wp846, William Davidson Institute at the University of Michigan Stephen M. Ross Business School.
[Downloadable!]
Tomas Holub, 2008.
"Causes of Deviations of Inflation from CNB Targets: An Empirical Analysis ,"
Occasional Publications - Chapters in Edited Volumes ,
in: Katerina Smidkova (ed.), Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007, chapter 4, pages 47-56
Czech National Bank, Research Department.
[Downloadable!]
Ian Babetskii & Ales Bulir & Fabrizio Coricelli & Jan Filacek & Michal Franta & Roman Horvath & Branislav Saxa & Katerina Smidkova, 2008.
"CNB Economic Research Bulletin: Ten years of inflation targeting ,"
Occasional Publications - Edited Volumes ,
Czech National Bank, Research Department,
edition 1, volume 6, number rb06/1 edited by Ian Babetskii & Katerina Smidkova.
[Downloadable!]
Dubravko Mihaljek, 2005.
"Survey of central banks’ views on effects of intervention ,"
BIS Papers chapters ,
in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 82-96
Bank for International Settlements.
[Downloadable!]
Meixing Dai, 2006.
"Inflation-targeting under a Managed Exchange Rate: the Case of the Chinese Central Bank ,"
Journal of Chinese Economic and Business Studies ,
Taylor and Francis Journals, vol. 4(3), pages 199-219, November.
[Downloadable!] (restricted)
David Archer, 2005.
"Foreign exchange market intervention: methods and tactics ,"
BIS Papers chapters ,
in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 40-55
Bank for International Settlements.
[Downloadable!]
Adam Geršl, 2006.
"Testing the Effectiveness of the Czech National Bank’s Foreign-Exchange Interventions ,"
Czech Journal of Economics and Finance (Finance a uver) ,
Charles University Prague, Faculty of Social Sciences, vol. 56(09-10), pages 398-415, September.
[Downloadable!]
Access and
download statistics Did you know? The most prolific authors have over 700 items listed on IDEAS.
This page was last updated on 2009-11-22.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .