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Advancing Inflation Targeting in Central Europe: Strategies, Policy Rules and Empirical Evidence

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  • Lucjan T Orlowski

    (Department of Economics and Finance, Sacred Heart University, 5151 Park Avenue, Fairfield, CT 06825, USA.)

Abstract

This paper analyses the evolution of inflation targeting policies in Central European countries. The origins of their inflation targeting strategies are examined, above all the commitment to price stability as well as the inability of prior policy regimes to engender financial stability. Recent policy modifications toward greater flexibility of inflation targeting are reviewed and a system of targeting the differentials between the domestic and the euro area inflation forecast is advocated as conducive to achieving euro-convergence. Comparative Economic Studies (2008) 50, 438–459. doi:10.1057/ces.2008.29

Suggested Citation

  • Lucjan T Orlowski, 2008. "Advancing Inflation Targeting in Central Europe: Strategies, Policy Rules and Empirical Evidence," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 50(3), pages 438-459, September.
    • Handle: RePEc:pal:compes:v:50:y:2008:i:3:p:438-459
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    Cited by:

    1. Ivrendi, Mehmet & Guloglu, Bulent, 2010. "Monetary shocks, exchange rates and trade balances: Evidence from inflation targeting countries," Economic Modelling, Elsevier, vol. 27(5), pages 1144-1155, September.
    2. Orlowski, Lucjan T., 2016. "Co-movements of non-Euro EU currencies with the Euro," International Review of Economics & Finance, Elsevier, vol. 45(C), pages 376-383.
    3. Novák, Zsuzsanna, 2014. "Monetáris politika, infláció és gazdasági növekedés Kelet-Közép- és Délkelet-Európában [Monetary policy, inflation and economic growth in Central and South Eastern Europe]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 923-942.

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