Analýza intervenční politiky ČNB a jejích dopadů do vývoje české ekonomiky za období 2013 - 2017

This qualification thesis discusses the use of exchange rate by the Czech National Bank as a non-conventional monetary policy instrument in a situation when monetary policy interest rates reached so-called technical zero. On a theoretical level the thesis also deals with the topic of other non-conventional monetary policy instruments that were likewise eligible in the given situation. The key objective of the thesis is to analyze circumstances and reasons for accepting the exchange rate commitment by CNB, its intended channels of operation, expected benefits, ways of its communication and reaction of the public thereon, process of foreign exchange interventions itself, possibilities of exiting and the actually realized exit. The core part further provides an analysis of impacts of the weakened exchange rate on the development of the Czech economy, which is performed by a comparison of state and development of selected macroeconomic indicators before and after the launch of foreign exchange interventions. The development of respective indicators in relevant time periods is then subjected to international comparison, in particular to situation in other Visegrad countries and the EU average. The thesis also contains a tabular summary of the development of relevant macroeconomic variables.