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
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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
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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
50206 - Finance
Result continuities
Project
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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
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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
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EID of the result in the Scopus database
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