01802cas a2200277 a 4500 AALejournalIMF015151 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475532371 1018-5941 BD-DhAAL BD-DhAAL Alichi, Ali. Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic / Ali Alichi, Jaromir Benes, Joshua Felman, Irene Feng. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (44 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in adding the exchange rate as a complementary monetary policy tool to stimulate the economy and combat the risks of deflation when the policy interest rate is at the zero lower bound. It assesses the theoretical basis of such a policy, the communications approach used by the CNB when announcing the new framework, and the effects thus far on inflation and output. Mode of access: Internet Benes, Jaromir. Felman, Joshua. Feng, Irene. IMF Working Papers; Working Paper ; No. 2015/074 Full text available on IMF http://elibrary.imf.org/view/journals/001/2015/074/001.2015.issue-074-en.xml IMF e-Library