Monetary policy of CNB in zero lower bound

This thesis deals with CNB interventions in favor of the exchange rate depreciation of November 2013. The theoretical part presents alternative tools for unconventional monetary policy when zero lower bound is binding. This thesis then describes the experience of other central banks that responded to low interest rates. Intervention of CNB is contextualized in the Czech financial system and previous economic development. The thesis analyses alternative instruments which CNB might have accessed. Based on the analyzed data this thesis concludes that despite the long-term maintenance of weakened Koruna above the level of announced exchange rate pledge the sufficiently loose monetary policy was not translated into desired price increase