Czech National Bank (CNB)
Czech National Bank calls for research on 'priority topics'
Topics include potential improvements to inflation targeting framework and the issues related to euro adoption; Bank of Estonia also launches research award
Czechs discuss appropriate capital requirements for Sifis
Paper sets out the range of indicators that could be used, and the advantages and disadvantages of focusing on an individual or consolidated level
Czech paper examines strength of link between financial and real sectors
An expansion of credit from banks ‘supports industrial production' in small open economies such as the Czech Republic, working paper finds
Czech paper deconstructs exchange rate variability in advanced economies
Researchers find that economic fundamentals are only responsible for a third of the medium-term exchange rate variability, although this increases when the euro is involved
People: Former PM joins Czech central bank; Bank of Canada appoints ‘special adviser'
Czech National Bank replaces outgoing board member with man who was Prime Minister until last week; Canada appoints special adviser with financial system expertise
Global crisis weakened monetary policy transmission, Czech paper shows
New research from the Czech National Bank studies the transmission of monetary policy through different channels, finding it works as expected but was weakened in the financial crisis
Czech central bank starts targeting exchange rate
Czech National Bank finally says it will start intervening in the forex market, a year after it cut rates to the zero lower bound; Czech koruna almost hits target level straight after announcement
Focus on non-linearity can improve macro estimates, research finds
Czech National Bank working paper argues considering non-linearity can advance probabilistic economic assessments; focuses on relationship between credit markets and the rest of the economy
CNB's Lízal sets out case for forex intervention
The use of forex interventions to ease monetary conditions in an open economy is a rational choice at the zero lower bound, Czech National Bank board member tells finance conference
Czech governor slams one-size-fits-all regulation
CNB workshop considers impact of Basel III on emerging and smaller economies; participants consider the unintended consequences of both capital and liquidity rules
Czech study finds DFM ‘nowcasting' adds value in calculating real-time GDP
Dynamic Factor Model ‘nowcasting' is as accurate as the judgemental method currently used by the Czech National Bank; a simple average of the two results is more accurate than either on its own
Czech paper dissects central bank inflation reports
Researchers find the inflation reports produced by a sample of eight central banks are ‘generally of good quality’ but warn their analytical power cannot be taken for granted
Currency appreciation not just bad news for exporters
The use of cheaper imported intermediates compensates for 0.2 percentage points of a 1% currency appreciation followed by proportionate drop in export sales, Czech National Bank study shows
IMF backs Czech forex intervention
Article IV says a ‘persistent and large undershooting’ of the Czech National Bank’s inflation target would warrant a weaker koruna; governor Miroslav Singer says board is coming round to the idea
Hungarian central bank signals rate cut slowdown
Monetary council cuts benchmark rate by 25 basis points for 12th consecutive meeting; says global volatility may justify a change in pace in coming months
Czech paper examines interbank risk premium
Research finds counterparty and liquidity risk are ‘potentially significant determinants’ in the departure of interbank rates from key policy rates in Czech Republic
Czech central bank opposed to joining banking union
Vice-governor says Czech National Bank will recommend staying out of SSM; ECB's Asmussen calls on non-eurozone countries to decide by July
Czech bulletin dissects monetary policy transmission
An economic research bulletin compiled by the Czech National Bank explores relationship between monetary policy and real economy in five articles
CNB board member issues warning on common bank resolution
Lubomir Lízal says common bank resolution most worrying element of European banking union; renminbi too politicised to use as reserve currency
Czech research examines macroprudential policy in small economies
Policy note stresses the importance of considering cyclical systemic risk when setting macro-prudential policy in a small EU economy
CNB paper formulates optimal policy for transition to euro
Working paper examines how Czech monetary policy should respond to uncertainty during the transition to the euro; finds exchange rate should be stabilised if transition is likely to be long
CNB research finds exchange rate moves dampen shocks
Working paper finds exchange rate shocks are only minor contributors to the variance of output and inflation; says koruna-euro exchange rate is a shock absorber for the economy
Czech National Bank enlists mobile app in fight against forgery
New mobile app to help Czechs check notes and coins for signs of forgery; counterfeit seizures continue downward trend
Small economies' central bankers must be ‘exceptionally smart to succeed', says CNB
Small economies are 'event-takers' says Czech executive director, often dependent on external conditions set by economic policies of advanced economies