Politická ekonomie 2004, 52(5):623-636 | DOI: 10.18267/j.polek.479
Systematická složka měnové politiky ČNB v režimu cílování inflace
- Česká národní banka, Praha.
Systematic part of CNB's monetary policy in inflation targeting regime
In the inflation targeting regime the central bank makes a decision about interest rate adjustment based on a forecast, primarily of inflation. Thus a big part of the decisions on interest rate adjustments corresponds to systematic response of central bank to expected economic development. The systematic part of monetary policy - the decision pattern of central bank (similarly as behaviour of other economic agents) must be approximated for purposes of creating a forecast. The aim of this article is to approximate it through estimated monetary policy rule.
Keywords: monetary policy rule, systematic monetary policy
JEL classification: E40, E43, E50
Published: October 1, 2004 Show citation
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