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Transparency and Credibility of Monetary Policy in Transition Countries: The Case of the Czech Republic

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  • Roman Matousek

    (Czech national Bank)

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    Abstract

    This paper studies as to what asset price can tell us about the evolving credibility of the monetary policy of the Czech National Bank (CNB). The focus of our analysis is to examine the effect of changes in the two-week repo rate (the official interest rate) on short and long–maturity market interest rates. Argument relies on information asymmetry and the existence of a stationary stochastic equilibrium with full knowledge of authorities reaction function.

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    Bibliographic Info

    Article provided by Faculty of Economics and Business, University of Zagreb in its journal Zagreb International Review of Economics and Business.

    Volume (Year): 4 (2001)
    Issue (Month): 2 (November)
    Pages: 91-104

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    Handle: RePEc:zag:zirebs:v:4:y:2001:i:2:p:91-104

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    Postal: Zagreb International Review of Economics and Business, Faculty of Economics and Business, Trg J. F. Kennedy 6, 10000 Zagreb, Croatia.
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    Related research

    Keywords: Direct inflation targeting (DIT); Interest rate; Repo operations; Short maturity yield;

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    Cited by:
    1. Marek Rozkrut, 2008. "It’s not only WHAT is said, it’s also WHO the speaker is. Evaluating the effectiveness of central bank communication," National Bank of Poland Working Papers 47, National Bank of Poland, Economic Institute.
    2. Orlowski, Lucjan T., 2001. "Monetary convergence of the EU candidates to the Euro: A theoretical framework and policy implications," ZEI Working Papers B 25-2001, ZEI - Center for European Integration Studies, University of Bonn.
    3. David Navratil & Viktor Kotlan, 2005. "The CNB's Policy Decisions - Are They Priced in by the Markets?," Research and Policy Notes 2005/01, Czech National Bank, Research Department.

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