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The czech embarrassment of inflation targeting in transition

Author

Listed:
  • Martin Mandel
  • Vladimír Kosmata

Abstract

In 1998 the Czech National Bank (CNB) changed its monetary policy framework and started to target inflation. The article discusses main theoretical aspects of inflation targeting and some practical problems with implementation of inflation targeting. The main characteristics of the inflation and monetary targeting are described in the first and second part. The third part deals with practical issues connected with inflation targeting (number of countries using inflation targeting, quality of inflation predictions, inflation and interest rate volatility). In the final part the CNB monetary policy function is estimated and the results are compared with the theoretical assumptions of the inflation targeting.

Suggested Citation

  • Martin Mandel & Vladimír Kosmata, 2000. "The czech embarrassment of inflation targeting in transition," Prague Economic Papers, University of Economics, Prague, vol. 2000(3).
  • Handle: RePEc:prg:jnlpep:v:2000:y:2000:i:3:id:80
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    Citations

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    Cited by:

    1. Josef Arlt & Martin Mandel, 2014. "The Reaction Function of Three Central Banks of Visegrad Group," Prague Economic Papers, University of Economics, Prague, vol. 2014(3), pages 269-289.
    2. Josef Arlt & Martin Mandel, 2012. "Je možné předpovídat repo sazbu ČNB na základě zpět hledícího měnového pravidla?
      [Is it Possible to Predict the CNB Repo Rate on the Basis of the Backward-Looking Monetary Rule?]
      ," Politická ekonomie, University of Economics, Prague, vol. 2012(4), pages 484-504.

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