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Inflation Targeting as a Stabilization Tool: Its Design and Performance in the Czech Republic

  • Viktor Kotlán
  • David Navrátil

The article focuses on the development and performance of inflation targeting in the Czech Republic. It is shown that the particulars of the Czech inflation-targeting regime developed from a rather specific setting toward a framework based on international best practices. Its performance is evaluated using three methods. The results suggest that even though inflation targets have been missed more often than met, the practice of inflation targeting has significantly contributed to the stabilization of the Czech economy.

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Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

Volume (Year): 53 (2003)
Issue (Month): 5-6 (May)
Pages: 220-242

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Handle: RePEc:fau:fauart:v:53:y:2003:i:5-6:p:220-242
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  1. Orphanides, Athanasios & Wilcox, David W, 2002. "The Opportunistic Approach to Disinflation," International Finance, Wiley Blackwell, vol. 5(1), pages 47-71, Spring.
  2. Kuttner, Kenneth N. & Posen, Adam S., 1999. "Does talk matter after all? Inflation targeting and central bank behavior," CFS Working Paper Series 1999/04, Center for Financial Studies (CFS).
  3. Stephen G. Cecchetti & Michael Ehrmann, 1999. "Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes," NBER Working Papers 7426, National Bureau of Economic Research, Inc.
  4. Nicoletta Batini & Richard Harrison & Stephen P Millard, 2001. "Monetary policy rules for an open economy," Bank of England working papers 149, Bank of England.
  5. Michal Skorepa & Viktor Kotlan, 2003. "Inflation Targeting: to Forecast or to Simulate," Macroeconomics 0304007, EconWPA.
  6. Laurence Ball & Niamh Sheridan, 2003. "Does Inflation Targeting Matter?," NBER Working Papers 9577, National Bureau of Economic Research, Inc.
  7. Sutherland, Alan, 2001. "Inflation Targeting in a Small Open Economy," CEPR Discussion Papers 2726, C.E.P.R. Discussion Papers.
  8. Papa M'B. P. N'Diaye & Douglas Laxton, 2002. "Monetary Policy Credibility and the Unemployment-Inflation Tradeoff: Some Evidence From 17 Industrial Countries," IMF Working Papers 02/220, International Monetary Fund.
  9. Martin Èihák & Tomáš Holub, 1998. "Cílování inflace v ÈR: staré víno v nových lahvích (Inflation Targeting in the CR: Old Wine in New Bottles)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 48(4), pages 223-236, April.
  10. Manfred J.M. Neumann & Jrgen von Hagen, 2002. "Does inflation targeting matter?," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 127-148.
  11. Chorng-Huey Wong & Eric V. Clifton & H. L. Leon, 2001. "Inflation Targeting and the Unemployment-Inflation Trade-Off," IMF Working Papers 01/166, International Monetary Fund.
  12. Miroslav Hrncir & Katerina Smidkova, 2003. "The Czech Approach to Inflation Targeting," Macroeconomics 0303019, EconWPA.
  13. Alex Cukierman, 2002. "Are contemporary central banks transparent about economic models and objectives and what difference does it make?," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 15-36.
  14. Lavan Mahadeva & Katerina Smidkova, 2001. "What Is the Appropriate Rate of Disinflation to Be Targeted in the Czech Economy?," Archive of Monetary Policy Division Working Papers 2001/33, Czech National Bank.
  15. Niamh Sheridan & Laurence M. Ball, 2003. "Does Inflation Targeting Matter?," IMF Working Papers 03/129, International Monetary Fund.
  16. By Mohsin S. Khan & Abdelhak S. Senhadji, 2001. "Threshold Effects in the Relationship Between Inflation and Growth," IMF Staff Papers, Palgrave Macmillan, vol. 48(1), pages 1.
  17. Jarkko Soikkeli, 2002. "The Inflation Targeting Framework in Norway," IMF Working Papers 02/184, International Monetary Fund.
  18. Professor Lars E O Svensson, 2001. "Independent review of the operation of monetary policy in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 64, March.
  19. Pierre L. Siklos, 1999. "Inflation-target design: changing inflation performance and persistence in industrial countries," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 46-58.
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