Chová se ČNB při plnění svého mandátu symetricky?

The aim of the thesis is to verify whether the CNB behaved symmetrically in the period of 1998-2016 while fulfilling its basic mandate - price stability - and whether the decision to use the exchange rate commitment with regard to its potential side effects influenced the assessment of its symmetrical approach. The thesis provides a comprehensive view of the CNB's symmetry, which is considered as the basis for the credibility of central bank behaviour in achieving the main objective – price stability. In the thesis are used methods of description, comparison, observation and analysis. The theoretical part deals with the role of the CNB in maintaining price stability, theory of central bank monetary policy, exchange rate depreciation, inflation and deflation. The practical part analyses the deviations of inflation from the target in both directions and assess the implemented exceptions. Using statistical and analytical methods, it was shown that the CNB was stricter than was necessary from the point of view of resulting inflation over the period under review. In most of the years, it was below the inflation target which can be judged as an asymmetric approach in monetary policy decisions. The decision to apply the exchange rate commitment has had an impact on the CNB's symmetric approach. From the point of view of mere symmetry, the introduction of the exchange rate commitment was a positive step. The introduction of the exchange rate commitment also had its side effects. The most significant is the enormous amount of foreign exchange reserves that, due to the appreciation of the domestic currency, can get the CNB into more cumulative negative values than it already is.