Basic Characteristics of Inflation Targeting in the Czech Republic
In: Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007
AbstractThis paper investigates basic characteristics of inflation targeting in the Czech Republic. The first part of the paper starts by briefly indicating some general macroeconomic conditions of inflation targeting in the Czech Republic, including the identification of the main shocks, which affected them. In addition, the extent of non-fulfilment of the inflation target in the Czech Republic is compared to the experience of several inflation targeting foreign countries. A comparison of the inflation target fulfilment in various phases of inflation targeting reveals a changing success rate in the fulfilment of the target in time. While deviations of inflation from the targets were very high in international comparison in the early phase of inflation targeting, the Czech National Bank has lately come closer to the characteristics of relatively more successful inflation targeters.
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macroeconomics; monetary policy; inflation targeting;
Find related papers by JEL classification:
- E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
- 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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