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Inflation Targeting as a Stabilisation Tool: Its Design and Performance in the Czech Republic

  • Viktor Kotlan

    (Czech National Bank)

  • David Navratil

    (Czech National Bank)

The article focuses on the development and performance of the Inflation Targeting regime in the Czech Republic. It is shown that the regime design evolved throughout time from a rather specific setting towards a framework based on international best practices. The performance of IT is evaluated using three different methods. The results suggest that even though the inflation targets have been missed more often than met, the Inflation Targeting framework significantly contributed to the stabilisation of the Czech economy.

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File URL: http://128.118.178.162/eps/mac/papers/0310/0310006.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0310006.

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Length: 21 pages
Date of creation: 07 Oct 2003
Date of revision:
Handle: RePEc:wpa:wuwpma:0310006
Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on A4; pages: 21 ; figures: included
Contact details of provider: Web page: http://128.118.178.162

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  1. Cukierman, Alex, 2001. "Are Contemporary Central Banks Transparent about Economic Models and Objectives and What Difference Does it Make?," Discussion Paper Series 1: Economic Studies 2001,05, Deutsche Bundesbank, Research Centre.
  2. Pierre L. Siklos, 1999. "Inflation-target design: changing inflation performance and persistence in industrial countries," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 46-58.
  3. Laurence Ball & Niamh Sheridan, 2004. "Does inflation targeting matter?," DNB Staff Reports (discontinued) 118, Netherlands Central Bank.
  4. Chorng-Huey Wong & Eric V. Clifton & H. L. Leon, 2001. "Inflation Targeting and the Unemployment-Inflation Trade-Off," IMF Working Papers 01/166, International Monetary Fund.
  5. Neumann, Manfred J. M. & von Hagen, Jürgen, 2002. "Does inflation targeting matter?," ZEI Working Papers B 01-2002, ZEI - Center for European Integration Studies, University of Bonn.
  6. Professor Lars E O Svensson, 2001. "Independent review of the operation of monetary policy in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 64, March.
  7. Batini, Nicoletta & Harrison, Richard & Millard, Stephen P., 2003. "Monetary policy rules for an open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 27(11-12), pages 2059-2094, September.
  8. Michal Skorepa & Viktor Kotlan, 2003. "Inflation Targeting: to Forecast or to Simulate," Macroeconomics 0304007, EconWPA.
  9. Sutherland, Alan, 2001. "Inflation Targeting in a Small Open Economy," CEPR Discussion Papers 2726, C.E.P.R. Discussion Papers.
  10. Orphanides, Athanasios & Wilcox, David W, 2002. "The Opportunistic Approach to Disinflation," International Finance, Wiley Blackwell, vol. 5(1), pages 47-71, Spring.
  11. Kenneth N. Kuttner & Adam S. Posen, 1999. "Does talk matter after all? Inflation targeting and central bank behavior," Staff Reports 88, Federal Reserve Bank of New York.
  12. By Mohsin S. Khan & Abdelhak S. Senhadji, 2001. "Threshold Effects in the Relationship Between Inflation and Growth," IMF Staff Papers, Palgrave Macmillan, vol. 48(1), pages 1.
  13. Martin Èihák & Tomáš Holub, 1998. "Cílování inflace v ÈR: staré víno v nových lahvích (Inflation Targeting in the CR: Old Wine in New Bottles)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 48(4), pages 223-236, April.
  14. Miroslav Hrncir & Katerina Smidkova, 2003. "The Czech Approach to Inflation Targeting," Macroeconomics 0303019, EconWPA.
  15. Lavan Mahadeva & Katerina Smidkova, 2001. "What Is the Appropriate Rate of Disinflation to Be Targeted in the Czech Economy?," Archive of Monetary Policy Division Working Papers 2001/33, Czech National Bank.
  16. Jarkko Soikkeli, 2002. "The Inflation Targeting Framework in Norway," IMF Working Papers 02/184, International Monetary Fund.
  17. Papa M'B. P. N'Diaye & Douglas Laxton, 2002. "Monetary Policy Credibility and the Unemployment-Inflation Tradeoff; Some Evidence From 17 Industrial Countries," IMF Working Papers 02/220, International Monetary Fund.
  18. Stephen G. Cecchetti & Michael Ehrmann, 2002. "Does Inflation Targeting Increase Output Volatility?: An International Comparison of Policymakers' Preferences and Outcomes," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.), Monetary Policy: Rules and Transmission Mechanisms, edition 1, volume 4, chapter 9, pages 247-274 Central Bank of Chile.
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