Politická ekonomie 2004, 52(5):623-636 | DOI: 10.18267/j.polek.479

Systematická složka měnové politiky ČNB v režimu cílování inflace

David Navrátil
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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Navrátil, D. (2004). Systematic part of CNB's monetary policy in inflation targeting regime. Politická ekonomie52(5), 623-636. doi: 10.18267/j.polek.479
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