Causes of Deviations from the CNB’s Inflation Targets: An Empirical Analysis
This paper provides an empirical analysis of the factors that caused deviations from the CNB’s inflation targets during the first ten years of inflation targeting in the Czech Republic. While in the short term, shocks to agricultural producer prices represent the most important factor, exchange rate shocks are clearly the most important medium-term factor. At the same time, it could not be proved that monetary policy created any major shocks contributing to the non-fulfillment of inflation targets, although some role thereof cannot be excluded either.
Volume (Year): 58 (2008)
Issue (Month): 09-10 (December)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Adam Gersl & Tomás Holub, 2006.
"Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience,"
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2007/11, Czech National Bank, Research Department.
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"Ten Years of Czech Inflation Targeting: Missed Targets and Anchored Expectations,"
Emerging Markets Finance and Trade,
M.E. Sharpe, Inc., vol. 44(6), pages 67-86, November.
- TomÃƒÂ¡Ã…Â¡ Holub & JaromÃƒÂr HurnÃƒÂk, 2008. "Ten Years of Czech Inflation Targeting: Missed Targets and Anchored Expectations," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 44(6), pages 67-86, November.
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