Causes of Deviations from the CNB’s Inflation Targets: An Empirical Analysis

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Causes of Deviations from the CNB’s Inflation Targets: An Empirical Analysis

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Tomáš Holub () (Czech National Bank, Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic)

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Tomas Holub

Abstract

This paper provides an empirical analysis of the factors that caused deviations from the CNB’s inflation targets during the first ten years of inflation targeting in the Czech Republic. While in the short term, shocks to agricultural producer prices represent the most important factor, exchange rate shocks are clearly the most important medium-term factor. At the same time, it could not be proved that monetary policy created any major shocks contributing to the non-fulfillment of inflation targets, although some role thereof cannot be excluded either.

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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: 425-433
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Handle: RePEc:fau:fauart:v:58:y:2008:i:9-10:p:425-433

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Find related papers by JEL classification:
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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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