0423178 - EKÚ 2014 RIV CH eng C - Conference Paper (international conference)
Lízal, Lubomír - Schwarz, J.
Foreign exchange interventions as an (un)conventional monetary policy tool.
Market volatility and foreign exchange intervention in EMEs: what has changed? Basel: Bank for International Settlements, Monetary and Economic Department, 2013, s. 127-143. BIS Papers, No 73. ISBN 92-9131-962-7.
[Meeting of Senior Officials from Central Banks. Basel (CH), 21.02.2013-22.02.2013]
Institutional support: RVO:67985998
Keywords : foreign exchange interventions * exchange rate pass-through * zero lower bound
Subject RIV: AH - Economics
Result website:
https://www.bis.org/publ/bppdf/bispap73.pdf

The zero level of interest rates constitutes a limit of this standard monetary policy instrument. Based on the example of the Czech Republic we argue that in such a situation foreign exchange interventions represent a meaningful monetary policy tool for small open economies not facing serious liquidity problems.
Permanent Link: http://hdl.handle.net/11104/0229466