Evaluation of the Fulfilment of the CNB's Inflation Targets
In: Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007
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 â€“ especially in the initial and advanced targeting stages â€“ 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.
|This chapter was published in: ||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||Contact details of provider:|| Postal: Na Prikope 28, 115 03 Prague 1|
Phone: 00420 2 2442 1111
Fax: 00420 2 2421 8522
Web page: http://www.cnb.cz/en/research/research_intro/
More information through EDIRC
References listed on IDEAS
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.:
- Stefano Eusepi & Bruce Preston, 2010.
"Central Bank Communication and Expectations Stabilization,"
American Economic Journal: Macroeconomics,
American Economic Association, vol. 2(3), pages 235-271, July.
- Eusepi, Stefano & Preston, Bruce, 2007. "Central bank communication and expectations stabilization," Proceedings, Federal Reserve Bank of San Francisco, issue March, pages 1-43.
- Stefano Eusepi & Bruce Preston, 2007. "Central Bank Communication and Expectations Stabilization," NBER Working Papers 13259, National Bureau of Economic Research, Inc.
- Katerina Smidkova & Jiri Behounek & Tibor Hledik & Josef Jilek & Miroslav Kostel & Ivana Matalikova & Dana Rottova & Jana Stankova, 1998.
"Koruna Exchange Rate Turbulence in May 1997,"
Archive of Monetary Policy Division Working Papers
1998/02, Czech National Bank.
- 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.
When requesting a correction, please mention this item's handle: RePEc:cnb:ocpubc:01. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jan Babecky)
If references are entirely missing, you can add them using this form.