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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.

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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): 58 (2008)
Issue (Month): 09-10 (December)
Pages: 425-433

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Handle: RePEc:fau:fauart:v:58:y:2008:i:9-10:p:425-433
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  1. Holub, Tomáš, 2004. "Foreign exchange interventions under inflation targeting: the Czech Experience," Research Notes 17, Deutsche Bank Research.
  2. Tomáš Holub & Jaromír Hurník, 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.
  3. Jan Filacek, 2007. "Why and How to Assess Inflation Target Fulfilment," Working Papers 2007/11, Czech National Bank, Research Department.
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