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The thesis is focused on the tools of monetary policy which the central bank uses when she wants to achieve the inflation target. The outcome of this thesis is proposal optimize the tools of monetary policy. The Proposal is based on the analysis of the results of simultaneous econometric model. In this thesis is testing time series by November 2013. At this time the Czech National Bank concluded currency commitment. By this time the central bank is overseeing that the exchange rate is above 27 CZK / EUR. Another objective is evaluating the influence of interventions on the economic development of the country. In this thesis are used secondary data from external sources. In the theoretical part is described of monetary policy, monetary polic...