Inflation Target Fulfillment in the Czech Republic in 1998–2007: Some Stylized Facts
Antal, Juraj; Hlaváček, Michal; Holub, Tomáš
Year: 2008 Volume: 58 Issue: 9 -10 Pages: 406-424
Abstract: This paper provides some stylized facts of inflation target fulfillment in the Czech Republic in 1998–2007. In the first part, it discusses briefly the general macroeconomic conditions of the Czech inflation targeting regime, including an identification of the main shocks affecting its performance. The second part compares the extent of inflation target non-fulfillment in the Czech Republic with the experience of other inflation targeting countries. It turns out that the success rate in terms of inflation target fulfillment has changed over time. While in the early phase of inflation targeting the deviations of inflation from the CNB’s targets were high by international comparison, more recently the CNB has converged to the track record of relatively successful inflation targeting central banks.
JEL classification: E37, E52, E58
Keywords: monetary policy, inflation targeting
RePEc: http://ideas.repec.org/a/fau/fauart/v58y2008i9-10p406-424.html
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