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Inflation Target Fulfillment in the Czech Republic in 1998–2007: Some Stylized Facts

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Author Info
Juraj Antal () (Czech National Bank)
Michal Hlaváček () (Czech National Bank, Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic)
Tomáš Holub () (Czech National Bank, Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic)

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Abstract

This paper provides some stylized facts of inflation target fulfillment in the Czech Republic in 1998–2007. In the first part, it discusses briefly the general macroeconomic conditions of the Czech inflation targeting regime, including an identification of the main shocks affecting its performance. The second part compares the extent of inflation target non-fulfillment in the Czech Republic with the experience of other inflation targeting countries. It turns out that the success rate in terms of inflation target fulfillment has changed over time. While in the early phase of inflation targeting the deviations of inflation from the CNB’s targets were high by international comparison, more recently the CNB has converged to the track record of relatively successful inflation targeting central banks.

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File URL: http://journal.fsv.cuni.cz/mag/article/show/id/1140
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Publisher 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): 58 (2008)
Issue (Month): 09-10 (December)
Pages: 406-424
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Handle: RePEc:fau:fauart:v:58:y:2008:i:9-10:p:406-424

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Related research
Keywords: monetary policy; inflation targeting;

Find related papers by JEL classification:
E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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