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Čtyři zamyšlení nad cílováním inflace v České republice

Four reflections on practising inflation targeting in the Czech Republic

Oldrich Dedek

Politická ekonomie, 2004, vol. 2004, issue 2

Abstract: The paper consists of four parts each of them devoted to a practical aspect of inflation targeting as conducted by the Czech National Bank. The first part outlines the reasons that led to the adoption of this monetary regime and summarises other advantages for effective and transparent decision-making. The second part addresses the issue of missing inflation targets. It is argued that simple confrontation of targets with actual behaviour of inflation may give a distorted view about the actual performance of monetary policy. The third part discusses a subtle methodological controversy about the difference between so-called escape clauses on the one hand and net inflation on the other. In the last section the author presents his critical view about the role of unconditional forecast in its capacity to indicate future interest rate decisions and to provide a realistic description of transmission mechanism in a small open economy.

Keywords: monetary policy; inflation targeting; inflation forecast (search for similar items in EconPapers)
JEL-codes: E31 E37 E43 E47 E52 E58 (search for similar items in EconPapers)
Date: 2004
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DOI: 10.18267/j.polek.454

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