This paper provides an empirical analysis of the causes of deviations of inflation from the CNB targets. In the short term, shocks relating to prices of agricultural producers represent the most important factor. In the medium-term horizon, foreign exchange shocks form the most important factor. At the same time, it could not be proved that monetary policy would create any major shocks contributing to the non-fulfilment of inflation targets, although its certain role cannot be excluded either.
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ReDIF This chapter was published in: Katerina Smidkova (ed.) Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007, , chapter 4, pages 47-56, 2008.
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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