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.:
- Holub, Tomáš, 2004.
"Foreign exchange interventions under inflation targeting: the Czech Experience,"
17, Deutsche Bank Research.
- Adam Gersl & Tomás Holub, 2006. "Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience," Contemporary Economic Policy, Western Economic Association International, vol. 24(4), pages 475-491, October.
- Tomas Holub, 2004. "Foreign Exchange Interventions Under Inflation Targeting: The Czech Experience," Research and Policy Notes 2004/01, Czech National Bank, Research Department.
- Jan Filáèek, 2007.
"Why and How to Assess Inflation-Target Fulfillment,"
Czech Journal of Economics and Finance (Finance a uver),
Charles University Prague, Faculty of Social Sciences, vol. 57(11-12), pages 577-594, December.
- 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.
- 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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