Monetary Conditions Indicators

Martin Èihák and Tomas Holub
Authors registered in the RePEc Author Service: Martin Cihak ()

Czech Journal of Economics and Finance (Finance a uver), 2000, vol. 50, issue 12, 654-672

Abstract: Monetary Conditions IndicatorsMartin CIHAK ? International Monetary Fund, Washington, D.C.Tomas HOLUB ? Czech National Bank; Faculty of Social Sciences, Charles University, PragueThe article provides an overview of foreign-language (non-Czech) literature on monetary conditions indices. The authors also discuss the issues involved in the construction of a monetary conditions index for the Czech Republic. They argue that if a monetary conditions index is to have any use for practical monetary policy, one must first distinguish two components of monetary policy stance: the monetary policy stance vis-a-vis the monetary policy target, and the monetary policy target itself. They conclude that MCI can be useful for measuring the monetary stance vis-a-vis the target, but better still is a frequent publication of inflation forecasts and the methodology behind such forecasts on the part of the central bank.

Keywords: inflation; monetary policy; monetary conditions; exchange rates; interest rates (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 F31 F41 (search for similar items in EconPapers)
Date: 2000
References: Add references at CitEc
Citations:

Downloads: (external link)
http://journal.fsv.cuni.cz/mag/article/show/id/874 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fau:fauart:v:50:y:2000:i:12:p:654-672

Access Statistics for this article

More articles in Czech Journal of Economics and Finance (Finance a uver) from Charles University Prague, Faculty of Social Sciences Contact information at EDIRC.
Bibliographic data for series maintained by Natalie Svarcova ().