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Institutional Conditions of Monetary Policy Conduct in the Czech Republic

  • Petr Sedláček

This paper tries to assess the conditions under which the CNB operates. Using a basic framework suggested by Mishkin (2000), the aim is to find out whether the central bank is able to conduct high-quality monetary policy. First, general principles that central banks should follow to succeed in their pursuit of monetary goals are theoretically introduced. Then, these theoretical principles are looked at in the Czech context. Issues of the strictness and suitability of concrete monetary policy of the CNB will not be dealt with, rather institutional circumstances that potentially allow successful policy are at the centre of this paper. It is concluded that the CNB is functioning in a moderately good environment, but still much room for improvement does exist.

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Article provided by University of Economics, Prague in its journal Prague Economic Papers.

Volume (Year): 2006 (2006)
Issue (Month): 2 ()
Pages: 113-134

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Handle: RePEc:prg:jnlpep:v:2006:y:2006:i:2:id:280:p:113-134
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  1. M J Oliver, 2001. "In Search of a Nominal Anchor," Economic Issues Journal Articles, Economic Issues, vol. 6(1), pages 33-46, March.
  2. Thomas I. Palley, 2003. "The Backward--Bending Phillips Curve And The Minimum Unemployment Rate Of Inflation: Wage Adjustment With Opportunistic Firms," Manchester School, University of Manchester, vol. 71(1), pages 35-50, January.
  3. International Monetary Fund, 2002. "Czech Republic: Report on the Observance of Standards and Codes-Fiscal Transparency, Banking Supervision, Insurance Regulation, Securities Regulation, Payment Systems, and Monetary and Financial Polic," IMF Staff Country Reports 02/169, International Monetary Fund.
  4. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
  5. Fischer, Stanley, 1995. "Central-Bank Independence Revisited," American Economic Review, American Economic Association, vol. 85(2), pages 201-06, May.
  6. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
  7. Petra M. Geraats, 2002. "Central Bank Transparency," Economic Journal, Royal Economic Society, vol. 112(483), pages 532-565, November.
  8. Allsop, Christopher & Vines, David, 2000. "The Assessment: Macroeconomic Policy," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 1-32, Winter.
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