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Evaluation of the Fulfilment of the CNB's Inflation Targets

In: Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007

  • Katerina Smidkova

The introductory paper defines three stages of Czech inflation targeting and defines possible factors behind inflation deviations from inflation targets in 1998-2007. The paper also summarises the findings of analyses by CNB experts, which are presented in further chapters of the volume. According to these findings, deviations from targets cannot be explained by one factor alone. During various stages of inflation targeting, individual factors were of varying importance. Anti-inflationary shocks were the most frequent reason for deviations. Another significant reason – especially in the initial and advanced targeting stages – was the prognostic system. The decision making process for interest rates only contributed to undershot targets in the initial stage, during which it was necessary to build up the credibility of the new monetary policy strategy.

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This chapter was published in:
  • Juraj Antal & Zuzana Antonicova & Jan Babecky & Michal Hlavacek & Tomas Holub & Roman Horvath & Jarek Hurnik & Ondra Kamenik & Karel Musil & Jiri Podpiera & Lubos Ruzicka & Michal Skorepa & Katerina S, 2008. "Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007," Occasional Publications - Edited Volumes, Czech National Bank, Research Department, number 01 edited by Katerina Smidkova, May.
  • This item is provided by Czech National Bank, Research Department in its series Occasional Publications - Chapters in Edited Volumes with number 01.
    Handle: RePEc:cnb:ocpubc:01
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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.:

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    1. Ales Bulir & Katerina Smidkova & Viktor Kotlan & David Navratil, 2007. "Inflation Targeting and Communication: Should the Public Read Inflation Reports or Tea Leaves?," Working Papers 2007/14, Czech National Bank, Research Department.
    2. Stefano Eusepi & Bruce Preston, 2010. "Central Bank Communication and Expectations Stabilization," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(3), pages 235-71, July.
    3. Katerina Smidkova, 2003. "Koruna Exchange Rate Turbulence in May 1997," Macroeconomics 0303020, EconWPA.
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