Hodnocení účinnosti monetární politiky České národní banky

Abstract

This bachelor thesis is devoted to evaluation of the effectiveness of monetary policy of the Czech National Bank. The main objective is to evaluate the effectiveness of the monetary policy of the Czech National Bank during the period of use of the inflation targeting mechanism. In particular, the impact of major monetary policy instruments on the development of the final target of the central bank in the Czech Republic is assessed. A multiple linear regression model was developed to evaluate the effect on the development of the final target. In this model, the rate of inflation is an explained variable. The central bank's key interest rate and the development of foreign exchange reserves are explanatory variables. The model found that the key interest rate and the development of foreign exchange reserves had a significant impact on the development of the final monetary policy objective. In the work was found the fundamental influence of foreign exchange interventions, which was determined by zero bound nominal interest rates.