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In search for a new anchor: inflation targeting in the czech republic

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  • Jiří Jonáš

Abstract

In December 1997 the Czech National Bank introduced a new framework for the conduct of monetary policy, inflation targeting. This article examines the preliminary experience with inflation targeting in the Czech Republic. In the second part, we discuss the reasons that have led the Czech National Bank to introduce this monetary policy framework. Third part describes principal operational features of inflation targeting in the Czech Republic, and discusses the specifics of inflation targeting under the conditions of an economy in transition. Fourth part reviews the conduct of monetary policy under the new regime, focusing particularly on how the new policy framework has affected central bank's decisions about interest rates. Fifth part discusses some reasons why implementation of inflation targeting during the first two years was difficult, and sixth part evaluates the experience with inflation targeting and provides some suggestions for improving the framework.

Suggested Citation

  • Jiří Jonáš, 2000. "In search for a new anchor: inflation targeting in the czech republic," Prague Economic Papers, Prague University of Economics and Business, vol. 2000(3).
    • Handle: RePEc:prg:jnlpep:v:2000:y:2000:i:3:id:78
    DOI: 10.18267/j.pep.78
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    Cited by:

    1. Yu Hsing, 2004. "Impacts of Macroeconomic Policies on Output in the Czech Republic: An Application of Romer's ISMP-IA Model," Prague Economic Papers, Prague University of Economics and Business, vol. 2004(4), pages 339-345.

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