Foreign-exchange interventions as an unconventional tool of monetary policy of the CNB: the Swiss National Bank and the Bank of Israel experience comparison

This thesis deals with the use of foreign-exchange interventions as an unconventional tool of monetary policy in inflation targeting regime. It is primary focused on monetary policy of the Czech National Bank and foreign-exchange interventions that have been executed since November 2013. Further, it is devoted to interventions executed by the Swiss National Bank and the Bank of Israel. The main aim is to analyse the experience of previously mentioned central banks with foreign-exchange interventions, to describe main reasons and goals, and especially impacts of interventions on economies of related countries while focusing on inflation, GDP and unemployment. The last part provides the evaluation of referred intervention regimes and their comparison