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Czech Currency and Monetary Policy in 2000

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  • Miroslav Hrnèíø

Abstract

Monetary policy in the Czech Republic in the year 2000 in the broader framework of macroeconomic development is the topic of this article. The central bank's experience with inflation targeting, and the implementation of the inflation target in 2000 are assessed. The resumption of GDP growth and higher imported fuels costs in 2000 dominated macroeconomic developments in the country. This accentuated the uncertainties for national monetary policy, namely in the course of identifying supply-side changes and identifying the gap between potential and actual product. Arguments as to why the principal instrument of monetary policy, the repo rate, was parked at a stable level throughout 2000 are presented. For 2001, the available indicators seem to signal the likely continuation of the above-mentioned trends from 2000, which, consequently, provide a precondition for maintaining a stable monetary policy setting. The key challenges for balanced development in the medium term are: the ratio between wages and productivity, and trends in public finance.

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Bibliographic Info

Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

Volume (Year): 51 (2001)
Issue (Month): 2 (February)
Pages: 66-80

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Handle: RePEc:fau:fauart:v:51:y:2001:i:2:p:66-80

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Keywords: Czech Republic; inflation;

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