The Options of Use Monetary Policy in Terms of Small Open Economy and zero lower bound (CNB and SNB example)

The main purpose of this thesis is to analyse the impacts of unconventional monetary policy instruments on small open economies in zero lower-bound situations. Although all unconventional instruments are discussed, an emphasis is placed on currency intervention. Impacts of the various instruments are demonstrated using the economies of Czech Republic and Switzerland as case studies. The thesis will conclude with a comparison of the case studies