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In search for a new anchor: inflation targeting in the czech republic

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  • Jiří Jonáš

Abstract

In December 1997 the Czech National Bank introduced a new framework for the conduct of monetary policy, inflation targeting. This article examines the preliminary experience with inflation targeting in the Czech Republic. In the second part, we discuss the reasons that have led the Czech National Bank to introduce this monetary policy framework. Third part describes principal operational features of inflation targeting in the Czech Republic, and discusses the specifics of inflation targeting under the conditions of an economy in transition. Fourth part reviews the conduct of monetary policy under the new regime, focusing particularly on how the new policy framework has affected central bank's decisions about interest rates. Fifth part discusses some reasons why implementation of inflation targeting during the first two years was difficult, and sixth part evaluates the experience with inflation targeting and provides some suggestions for improving the framework.

Suggested Citation

  • Jiří Jonáš, 2000. "In search for a new anchor: inflation targeting in the czech republic," Prague Economic Papers, University of Economics, Prague, vol. 2000(3).
  • Handle: RePEc:prg:jnlpep:v:2000:y:2000:i:3:id:78
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    File URL: http://www.vse.cz/pep/78
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    References listed on IDEAS

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    1. Julide Yildirim, 2003. "Currency Substitution and the Demand for Money in Five European Union Countries," Journal of Applied Economics, Universidad del CEMA, vol. 6, pages 361-383, November.
    2. Jonathan Benchimol, 2015. "Money in the production function: A new Keynesian DSGE perspective," Southern Economic Journal, Southern Economic Association, vol. 82(1), pages 152-184, July.
    3. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, January.
    4. anonymous, 2008. "Monetary policy report to the Congress," Web Site 16, Board of Governors of the Federal Reserve System (U.S.).
    5. Carl E. Walsh, 2010. "Monetary Theory and Policy, Third Edition," MIT Press Books, The MIT Press, edition 3, volume 1, number 0262013770, January.
    6. ., 2008. "Population Aging, Financial Markets and Monetary Policy," Chapters,in: Frontiers in Pension Finance, chapter 11 Edward Elgar Publishing.
    7. anonymous, 2008. "Monetary policy report to the Congress," Web Site 34, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:

    1. Yu Hsing, 2004. "Impacts of Macroeconomic Policies on Output in the Czech Republic: An Application of Romer's IS-MP-IA Model," Prague Economic Papers, University of Economics, Prague, pages 339-345.

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