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Inflation Targeting during Financial Crisis in Visegrád Group Countries

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F14%3A43906985" target="_blank" >RIV/62156489:43110/14:43906985 - isvavai.cz</a>

  • Result on the web

    <a href="http://www.unob.cz/eam/Documents/Archiv/EaM_2_2014/Dobesova_Hampel.pdf" target="_blank" >http://www.unob.cz/eam/Documents/Archiv/EaM_2_2014/Dobesova_Hampel.pdf</a>

  • DOI - Digital Object Identifier

Alternative languages

  • Result language

    angličtina

  • Original language name

    Inflation Targeting during Financial Crisis in Visegrád Group Countries

  • Original language description

    This paper analyses changes of monetary policy impact on inflation during financial crisis in Visegrád group (V4) countries. Main objective of central banks function in V4 countries lies in maintaining price stability. Central bank does not have a direct impact on ultimate goals. Therefore, any monetary policy analysis and assumption of its effectiveness comes out from essential existence of a working transmission mechanism. The aim of this paper is to prove whether a disruption of transmission mechanism, when the inflation rate in future should be influenced by key interest rate, has occurred or not. Next, there is a question whether this relations disruption is a general phenomenon affecting all similar economics systems of Visegrád group countries or it is a phenomenon presented only under local terms. Causality between an inflation rate and base interest rates is tested. The analysis consists in comparing models for before-crisis-and during-crisis-data, respectively. Granger causality is tested for both sub-models and the entire dataset. We found out that causation of monetary policy instruments on a growth of price level has been changed by coming up of financial crisis. In other words, a change of structure was identified.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>ost</sub> - Miscellaneous article in a specialist periodical

  • CEP classification

  • OECD FORD branch

    50206 - Finance

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2014

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Economics and Management

  • ISSN

    1802-3975

  • e-ISSN

  • Volume of the periodical

    Neuveden

  • Issue of the periodical within the volume

    2

  • Country of publishing house

    CZ - CZECH REPUBLIC

  • Number of pages

    8

  • Pages from-to

    12-19

  • UT code for WoS article

  • EID of the result in the Scopus database