TY - BOOK ID - 84658626 TI - Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic AU - Alichi, Ali. AU - Benes, Jaromir. AU - Felman, Joshua. AU - Feng, Irene. AU - Freedman, Charles. AU - Laxton, Douglas. AU - Tanner, Evan. AU - International Monetary Fund Research Department PY - 2015 SN - 1475558767 1484314689 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Economic development. KW - International Monetary Fund. KW - Finance KW - Business & Economics KW - Money KW - Banks and Banking KW - Foreign Exchange KW - Inflation KW - Money and Monetary Policy KW - Monetary Policy KW - Central Banks and Their Policies KW - Price Level KW - Deflation KW - Interest Rates: Determination, Term Structure, and Effects KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Development Planning and Policy: Trade Policy KW - Factor Movement KW - Foreign Exchange Policy KW - Currency KW - Foreign exchange KW - Banking KW - Macroeconomics KW - Monetary economics KW - Exchange rates KW - Central bank policy rate KW - Inflation targeting KW - Prices KW - Financial services KW - Monetary policy KW - Exchange rate policy KW - Interest rates KW - Banks and banking KW - Czech Republic UR - https://www.unicat.be/uniCat?func=search&query=sysid:84658626 AB - The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB’s recent experience in adding the exchange rate as a complementary monetary policy tool to stimulate the economy and combat the risks of deflation when the policy interest rate is at the zero lower bound. It assesses the theoretical basis of such a policy, the communications approach used by the CNB when announcing the new framework, and the effects thus far on inflation and output. ER -