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The Czech National Bank and Inflation Targeting as an Instrument of Maintaining Price Stability
Pokorný, Tomáš ; Kohajda, Michael (advisor) ; Sejkora, Tomáš (referee)
Title: The Czech National Bank and Inflation Targeting as an Instrument of Maintaining Price Stability Author: Ing. Tomáš Pokorný Supervisor: doc. JUDr. Michael Kohajda Ph.D. When performing monetary policy, the central bank can follow inflation targeting or other monetary policy rules. Following a rule, the central bank can efficiently stabilize economic development in the long run, because the changes in the mon- etary policy given by the policy rule are included in the rational expectations of agents. It might seem that the consistency of monetary policy is secured by following the policy rule only. The potential discretion, however, remains in the different preferences of the bank board members, which may completely change monetary policy decisions within the given monetary policy rule. Current leg- islation does not prevent this discretion by any means as the decision of bank board members' appointment is awarded to the Czech president exclusively, who can completely disrupt the monetary policy consistency with the previous bank board. The changes in the bank board preferences are analyzed using the GMM method on two subsamples in the period of 1996 Q3 - 2021 Q2. The empirical analysis shows that the Czech National Bank followed its constitutional duty and reacted with its policy rates to the...
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Analysis of the monetory policy of the Central Bank of Russia and its influence on the price stability.
Kleimenov, Gleb ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The subject of the study is the Central Bank of the Russian Federation.The object of the study is the monetary policy pursued by the Central Bank of the Russian Federation.The aim of bachelor work is the analysis of the banking system and evaluation of the development of the monetary policy of the Bank of Russia.The actuality of this work can not be underestimated, keeping in mind the recent political and economic situation in Russia.The first part presents the general characteristics of the Central Bank and describes the features of the monetary policy.The second part includes the objectives and functions of the Central Bank of Russia, as well as the results of the study of monetary policy for 2014.The third part shows the development prospects of the monetary policy of Russia in the period from 2015 to 2017.
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