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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- Holub, Tomáš, 2004.
"Foreign exchange interventions under inflation targeting: the Czech Experience,"
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"Ten Years of Czech Inflation Targeting: Missed Targets and Anchored Expectations,"
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Taylor & Francis Journals, vol. 44(6), pages 67-86, November.
- TomÃ¡Å¡ Holub & JaromÃr HurnÃk, 2008. "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.
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Czech Journal of Economics and Finance (Finance a uver),
Charles University Prague, Faculty of Social Sciences, vol. 57(11-12), pages 577-594, December.
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