Experience of Inflation Targeting in the Czech Republic
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11220%2F17%3A10361413" target="_blank" >RIV/00216208:11220/17:10361413 - isvavai.cz</a>
Result on the web
<a href="https://www.scientific-publications.net/get/1000025/1503417539940101.pdf" target="_blank" >https://www.scientific-publications.net/get/1000025/1503417539940101.pdf</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Experience of Inflation Targeting in the Czech Republic
Original language description
The paper analyzes inflation targeting of the Czech National Bank ("CNB") in the context of monetary regimes and of the definition of "targeting method". It first discusses the legal authorisation of the Czech central bank, its early monetary policy in the 1990s, and the circumstances leading to the introduction of inflation targeting. In December 1997, the Bank Board of the CNB decided to change its monetary policy regime, and in January 1998 it switched to inflation targeting. At that time the CNB's inflation target was set in terms of so-called net inflation, but since 2002 it has been set in terms of inflation expressed as a change in the consumer price index. In addition to standard instruments, the CNB used foreign exchange interventions from November 2013 to April 2017 to devalue the Czech currency in an effort to increase the price level and thus achieve the inflation target, although practical experience with the use of the exchange rate as an instrument of unconventional monetary policy were limited. This paper analyzes inflation targeting and examines how successful this monetary policy strategy has been.
Czech name
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Czech description
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Classification
Type
J<sub>ost</sub> - Miscellaneous article in a specialist periodical
CEP classification
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OECD FORD branch
50501 - Law
Result continuities
Project
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Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2017
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Economy & Business. Journal of International Scientific Publications
ISSN
1314-7242
e-ISSN
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Volume of the periodical
11
Issue of the periodical within the volume
1
Country of publishing house
BG - BULGARIA
Number of pages
15
Pages from-to
52-66
UT code for WoS article
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EID of the result in the Scopus database
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