Key Policy Rate in Inflation Projections
As part of preparations for the adoption of a full-fledged inflation targeting regime, last year the National Bank of Serbia began producing and publishing its inflation projections. The NBS Monetary Policy Committee opted for projections based on the key policy rate path. However, for the time being, information on the path of the key policy rate (and the exchange rate) is not publicly disclosed. The author compares this approach to a number of different practical solutions applied by other central banks to give an overview on this particular issue and to consider the ways to improve the NBS practice in order to increase the efficiency of inflation expectations management as the inflation targeting regime is further developed.
|Date of creation:||Dec 2007|
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