Vliv nekonvenční měnové politiky ČNB na inflaci v ČR (2013-2016)

The main theme of the work is to find out whether the exchange rate commitment of the CNB prevented the fall into the deflationary spiral. The deflation spiral itself is still notable in the monetopolitical theory, so it is not possible to determine whether the Czech economy would begin to overflow into a deflationary spiral or not in the event of a longer decline in the price level. However, since current monetary policy theory has not yet been able to provide arguments for confirming that the deflationary spiral has not penetrated the Czech Republic, I consider the CNB's conduct to be in line with current monetary policy theory. The Czech National Bank, through its exchange rate commitment, has gradually increased its inflation expectations, thereby reducing the real interest rate. On the basis of the analyzed articles, it concludes that the exchange rate commitment prevents a further drop in the price level, or if we accept the CNB's arguments, into the deflationary spiral.