Hodnocení monetární politiky České národní banky

Abstract

The topic of the present thesis is the evaluation of monetary policy of the Czech National Bank (CNB). The theoretical part of the thesis describes the basic principles of how monetary policy works. Which includes the distribution of tools of monetary policy, transmission mechanisms of the central banks as well as development of central banking. Next part of the thesis is focused specifically on the CNB policy. For the core of this thesis, which is the evaluation of the CNB monetary policy, two methods had been used. First one is an investigation through a questionnaire, whose objective was to find out if Czech citizens are familiar with the monetary policy tools of CNB and whether they consider the CNB a trustworthy institution. The most important outcome of the questionnaire is that CNB is perceived positively by Czech citizens in general, however its position has been negatively affected by the devising intervention, implemented in November 2013. The second method used for the evaluation was the comparison of the CNB monetary policy with the national banks of Poland, Slovakia and Hungary. For the purposes of the international comparison, the criterion that was used is how the mentioned countries fulfill the convergence criteria for price stability. Czech Republic obtained the best results among the compared countries