30:
1280:
295:, effective from 1 July 2022, for a six-year term. Since assuming the role of governor, he has navigated the institution through a period of significant economic challenges. When Michl took office, inflation in the Czech Republic stood at a staggering 17.5%, peaking at 18% a few months later - the highest rate since the transition to a market economy in the 1990s. Additionally, the bank was dealing with the largest loss in its history, prompting the need for rationalisation and cost-cutting measures.
312:
Under Michl's leadership, the CNB began purchasing gold and increasing the share of equities in its foreign exchange reserves. The goal of these actions is to enhance the expected return on the bank's assets so that, in the future, these returns will exceed the expected costs of liabilities, thereby
298:
In his speech upon being appointed
Governor in mid-2022, Michl pledged to bring inflation under control within two years. He emphasised the need to maintain higher interest rates than those seen in the past decade, advocating for an economy driven by savings rather than debt. Under his leadership,
308:
reaching its strongest level in history. In
February and March 2024, the CNB successfully reduced year-on-year inflation to the target of 2%, a level not seen since December 2018. This marked the restoration of price stability, fulfilling the bank's legal mandate. Michl has emerged as one of the
316:
Additionally, under his leadership, the CNB reduced its workforce in 2023 for the first time in ten years, as Michl inherited an institution facing record operational expenditure growth. In response, a comprehensive rationalisation effort was undertaken in 2023, which included reducing the top
274:
from 2006 to 2015. He co-founded an algorithmic asset-management fund specialising in US stocks and the Czech money market. He later sold his share in the fund and ceased all investment activities due to his position at the Czech
National Bank. Additionally, from 2014 to 2018, he served as an
214:
Michl is a former commercial bank investment strategist and co-founder of an algorithmic asset-management fund. He is the author of academic and popular articles and books on economics and the popularisation of mathematics. He holds a
950:
582:
303:
policy, which reduced the cost of importing expensive raw materials at the time, and, in turn, helped lower inflation. By spring 2023, the CNB had achieved the strictest monetary conditions in two decades, with the
231:(VŠE) in 2020, having graduated with a master's degree from the same institution in 2002. In 2005, he completed a training programme on game theory and the psychology of decision-making at the Summer School of the
344:
Aleš Michl: The
Current Level of Inflation Still Makes it Impossible to Lower Interest Rates (Speech delivered during the Discussion of the Financial Market Supervision Report for 2022 in the Senate of the Czech
869:
1146:
MICHL, Aleš. Ten Years Later: Lessons for DSGE Builders and Czech Policy Makers. Review of
Economic Perspectives's Cover Image Review of Economic Perspectives. 2019, roč. 19, č. 3, s. 159 - 174
651:
1155:
MICHL, Aleš. New Euro
Convergence Criteria. Online. Politická ekonomie. 2016, roč. 64, č. 6, s. 713-729. ISSN 00323233. Dostupné z: https://doi.org/10.18267/j.polek.1105.
1314:
271:
707:
1217:
923:
793:
354:
Taming
Inflation from 18 to 2% and Paving the Way for ESG Financing (Governor Aleš Michl's Address to the Central Banking Summer Meetings Conference in London)
896:
317:
management team from seventeen to fourteen directors and decreasing the total number of positions by 5.1% - the first such large-scale reduction in a decade.
80:
822:
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recorded budget surpluses in public finances for three consecutive years. He has been a member of the Czech
National Bank's Board since 1 December 2018.
1093:
767:
738:
633:
1329:
1210:
228:
84:
338:
The Road to the Target I (Speech at the
University of Economics and Business in Prague, Discussion on Inflation: The Road to the Target)
677:
513:
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1319:
1203:
449:
1076:
1047:
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989:
276:
843:
527:
348:
The Road to the Target III (Speech at the Tomas Bata
University in Zlín, Discussion on Inflation: The Road to the Target)
1115:
184:
207:. He has been a member of the Czech National Bank's Board since 1 December 2018, and was appointed Governor by the
292:
208:
471:
607:
1309:
247:
232:
29:
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1304:
951:"Aleš Michl: The current level of inflation still makes it impossible to lower interest rates"
341:
The Road to the Target II (Speech at the Assembly of Members of the Czech Banking Association)
279:, focusing on macroeconomic analysis and government debt stabilisation. During this time, the
1299:
216:
823:"Balancing Volatility and Returns in the Czech National Bank's Foreign Exchange Portfolio"
8:
1249:
1238:
1227:
1180:
204:
104:
45:
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Balancing Volatility and Returns in the Czech National Bank's Foreign Exchange Portfolio
1195:
1072:
1043:
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320:
For the first time in its history, the bank commissioned an external review of its
243:
96:
1259:
321:
259:
1092:
Adam, Tomáš; Michálek, Ondřej; Michl, Aleš; Slezáková, Eva (14 September 2021).
280:
236:
172:
162:
497:
Michl, Aleš (28 March 2022). "Jestřábi a holubice: Matematizace Shakespeara".
1293:
1243:
556:
351:
The Target (The Governor's speech at the CNB Discussion Forum in Pardubice)
305:
300:
251:
1132:
254:, and the first Czechoslovak Minister of Finance. He considers himself a
557:"Od července bude novým guvernérem ČNB Aleš Michl, chce stabilitu sazeb"
299:
the bank's strategy in combating inflation expanded to include a strong
235:, and in 2009, he took an investment portfolio management course at the
255:
179:
514:"Michl se zbavil podílu v investičním fondu Quant, koupil ho Stuchlík"
870:"Taming Inflation from 18 to 2% and Paving the Way for ESG Financing"
291:
Michl was appointed Governor of the Czech National Bank (CNB) by the
113:
54:
414:
Ten Years Later: Lessons for DSGE Builders and Czech Policy Makers
1094:"The Rushin Index: A Weekly Indicator of Czech Economic Activity"
846:(Press release) (in Czech). Czech National Bank. 30 November 2023
794:"Czech Central Bank Chief Says No Victory Yet in Inflation Fight"
583:"Consumer price index according to ECOICOP - year-on-year index"
684:(Interview). Interviewed by Jakub Svoboda. Právo. 7 August 2022
396:
The Rushin Index: A Weekly Indicator of Czech Economic Activity
200:
158:
634:
Roční zpráva o výsledku hospodaření České národní banky - 2022
821:
Adam, Tomáš; Michl, Aleš; Škoda, Michal (15 September 2023).
768:"Czech Inflation Hits Goal in Support for Further Rapid Cuts"
1091:
309:
first central bankers in Europe to deliver on this goal.
270:
Michl worked as an economic and investment strategist at
1225:
398:, Tomáš Adam, Ondřej Michálek, Aleš Michl, Eva Slezáková
313:
enabling the bank to recover from its financial losses.
528:"Notification of government deficit and debt - 2018"
211:, effective from 1 July 2022, for a six-year term.
1315:Prague University of Economics and Business alumni
608:"Inflation in September rose to 18 percent y-on-y"
324:, the results of which will be presented in 2025.
1291:
233:London School of Economics and Political Science
472:"Pět Rašínových myšlenek, které pomohou i dnes"
385:(The CNB Governor's Mathematical Puzzles), 2024
820:
652:"Projev Aleše Michla při jmenování guvernérem"
1211:
903:. Prague University of Economics and Business
844:"Mzdy v ČNB porostou příští rok o 4,4 %"
367:(A Guide to Economics and Investment), 2014
229:Prague University of Economics and Business
227:Michl earned his Ph.D. in finance from the
1218:
1204:
1036:Reset ekonomiky - Co nás čeká po covid-19?
28:
1131:
978:MICHLiq: Inteligentní průvodce ekonomikou
639:(Report) (in Czech). Czech National Bank.
365:MICHLiq - průvodce ekonomií a investicemi
1116:"Peníze a inflace: ztracená kointegrace"
203:economist and the fifth Governor of the
1069:The CNB Governor's Mathematical Puzzles
732:
730:
728:
511:
408:Money and Inflation: Lost Cointegration
246:, a key figure in the establishment of
1292:
957:. Senate of the Czech Republic, Prague
678:"Aleš Michl: We have chosen stability"
444:
442:
440:
438:
436:
404:, Tomáš Adam, Aleš Michl, Michal Škoda
1199:
1113:
1071:] (in Czech). Prague: Universum.
1062:
1042:] (in Czech). Prague: Universum.
1033:
1004:
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863:
861:
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743:(Speech). CNB Discussion Forum 2024.
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1330:Governors of the Czech National Bank
791:
765:
747:. University of Pardubice, Pardubice
725:
551:
549:
512:Pokorná, Zdislava (26 August 2024).
389:
984:] (in Czech). Prague: R Media.
982:A Guide to Economics and Investment
930:. Czech Banking Association, Prague
433:
13:
1013:] (in Czech). Prague: Pragma.
858:
811:
696:
14:
1341:
1065:Matematické hádanky guvernéra ČNB
706:Michl, Aleš (17 September 2023).
546:
383:Matematické hádanky guvernéra ČNB
275:external economic advisor to the
185:University of Economics in Prague
1278:
1114:Michl, Aleš (3 September 2019).
379:(How to Reset the Economy), 2021
103:Member of the Bank Board of the
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293:President of the Czech Republic
209:President of the Czech Republic
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1:
1325:21st-century Czech economists
1320:20th-century Czech economists
766:Laca, Peter (11 March 2024).
737:Michl, Aleš (23 April 2024).
426:
420:New Euro Convergence Criteria
949:Michl, Aleš (27 July 2023).
922:Michl, Aleš (15 June 2023).
868:Michl, Aleš (13 June 2024).
792:Laca, Peter (19 June 2024).
708:"The road to the target III"
222:
199:(born 18 October 1977) is a
7:
924:"The road to the target II"
895:Michl, Aleš (16 May 2023).
650:Michl, Aleš (11 May 2022).
450:"Aleš Michl – CNB Governor"
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1040:How to Reset the Economy
897:"The road to the target"
532:Czech Statistical Office
358:
563:(in Czech). 11 May 2022
373:(Hawks and Doves), 2019
250:'s economic policy and
242:Michl is an admirer of
587:Czech Statistical Unit
501:(in Czech). p. 8.
1133:10.18267/j.polek.1255
452:. Czech National Bank
258:and is an admirer of
1063:Michl, Aleš (2024).
1034:Michl, Aleš (2021).
1005:Michl, Aleš (2019).
976:Michl, Aleš (2014).
478:(in Czech). Economia
252:independent currency
1228:Czech National Bank
1181:Czech National Bank
1165:Government offices
1101:Czech National Bank
1007:Jestřábi a holubice
955:Czech National Bank
928:Czech National Bank
901:Czech National Bank
874:Czech National Bank
830:Czech National Bank
745:Czech National Bank
712:Czech National Bank
682:Czech National Bank
656:Česká národní banka
371:Jestřábi a holubice
205:Czech National Bank
105:Czech National Bank
46:Czech National Bank
1310:People from Prague
1120:Politická ekonomie
34:Aleš Michl in 2019
1287:
1286:
1226:Governors of the
1194:
1193:
1078:978-80-242-9579-4
1049:978-80-242-7689-2
1020:978-80-7617-917-2
991:978-80-905629-2-9
534:. 22 October 2019
499:Mladá fronta Dnes
390:Academic research
239:in Philadelphia.
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1170:Preceded by
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377:Reset ekonomiky
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260:Milton Friedman
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153:18 October 1977
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129:1 December 2018
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81:Eva Zamrazilová
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1126:(4): 385–405.
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237:Wharton School
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959:. Retrieved
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561:České noviny
560:
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480:. Retrieved
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454:. Retrieved
422:, Aleš Michl
419:
416:, Aleš Michl
413:
410:, Aleš Michl
407:
401:
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382:
376:
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364:
333:Key speeches
328:Publications
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219:in finance.
213:
196:
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64:
53:
15:
1300:1977 births
1265:Jiří Rusnok
1255:Zdeněk Tůma
1173:Jiří Rusnok
244:Alois Rašín
169:Nationality
97:Jiří Rusnok
92:Preceded by
70:1 July 2022
1294:Categories
1270:Aleš Michl
740:The target
658:(in Czech)
427:References
256:monetarist
197:Aleš Michl
180:Alma mater
149:1977-10-18
22:Aleš Michl
1189:Incumbent
961:26 August
934:26 August
907:26 August
880:26 August
803:26 August
798:Bloomberg
772:Bloomberg
717:26 August
662:26 August
567:26 August
538:26 August
476:ekonom.cz
345:Republic)
262:'s work.
223:Education
114:Incumbent
85:Jan Frait
55:Incumbent
1246:(acting)
876:. London
287:Governor
1075:
1046:
1017:
988:
850:5 June
777:5 June
751:5 June
688:5 June
618:5 June
592:5 June
482:5 June
456:5 June
306:koruna
301:koruna
266:Career
159:Prague
1097:(PDF)
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