The paper discusses the phenomenon of long-term real equilibrium appreciation of the koruna in th... more The paper discusses the phenomenon of long-term real equilibrium appreciation of the koruna in the context of economic, i.e. nominal and real convergence. The real appreciation can take place either through a nominal exchange rate channel or through inflation differential channel vis-á-vis the reference country, or through a combination of those two channels. However, the choice of monetary policy regime
This paper deals with theoretical and empirical dimension of publishing interest rates projection... more This paper deals with theoretical and empirical dimension of publishing interest rates projections by central banks. Its first goal is to review arguments in favor of and against this decision and to illustrate the debate using experience of four central banks which publish or used to publish interest rates forecast. The second objective is to evaluate the Czech National Bank’s
The paper discusses the phenomenon of long-term real equilibrium appreciation of the koruna in th... more The paper discusses the phenomenon of long-term real equilibrium appreciation of the koruna in the context of economic, i.e. nominal and real convergence. The real appreciation can take place either through a nominal exchange rate channel or through inflation differential channel vis-á-vis the reference country, or through a combination of those two channels. However, the choice of monetary policy regime
This paper deals with theoretical and empirical dimension of publishing interest rates projection... more This paper deals with theoretical and empirical dimension of publishing interest rates projections by central banks. Its first goal is to review arguments in favor of and against this decision and to illustrate the debate using experience of four central banks which publish or used to publish interest rates forecast. The second objective is to evaluate the Czech National Bank’s
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