Cílování inflace v Maďarsku

This paper deals with the implementation of an inflation-targeting regime at the central National Bank of Hungary. The study contributes to the discussion of the opportunities and constraints of inflation targeting in the more advanced transition economies. This analysis is based on an econometric investigation of a time series of Hungarian inflation and on the estimated correlation between monetary-policy instruments and inflation. Investigation into the statistical characteristics of the Hungarian inflation series presents certain obstacles and limitations due to the structural characteristics of Hungarian inflation. The results of separate analyses conducted for the period of inflation targeting hold some promise for the inflation-targeting regime in Hungary, however. The NBH’s success in meeting its disinflation’s targets is now crucial for strengthening the credibility of the inflation-targeting framework.