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Ten Years of Czech Inflation Targeting: Missed Targets and Anchored Expectations

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Author Info
Tomáš Holub
Jaromír Hurník

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Abstract

This paper focuses on the Czech Republic's first ten years of experience with its inflation-targeting regime. Under this regime, the Czech Republic has successfully achieved disinflation. However, there were two periods of substantial inflation target undershooting and economic slack, related to two episodes of sharp exchange rate appreciation. Dealing with exchange rate volatility has been a key challenge for inflation targeting in the Czech Republic. Despite the missed targets, though, the regime has been successful at anchoring the inflation expectations of analysts and firms close to the announced targets, suggesting that it has worked well as a nominal anchor for the economy.

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Publisher Info
Article provided by M.E. Sharpe, Inc. in its journal Emerging Markets Finance and Trade.

Volume (Year): 44 (2008)
Issue (Month): 6 (November)
Pages: 67-86
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Handle: RePEc:mes:emfitr:v:44:y:2008:i:6:p:67-86

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=111024

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Related research
Keywords: expectations surveys; inflation expectations; inflation targeting;

Cited by:
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  1. Juraj Antal & Zuzana Antonicova & Jan Babecky & Michal Hlavacek & Tomas Holub & Roman Horvath & Jarek Hurnik & Ondra Kamenik & Karel Musil & Jiri Podpiera & Lubos Ruzicka & Michal Skorepa & Katerina S, 2008. "Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007," Occasional Publications - Edited Volumes, Czech National Bank, Research Department, number 01 edited by Katerina Smidkova. [Downloadable!]
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This page was last updated on 2009-11-22.


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