Politická ekonomie 2009, 57(3):383-404 | DOI: 10.18267/j.polek.690

Vymezení a vyhodnocení agresivity centrálních bank

Luboą Komárek, Filip Rozsypal
1 ČNB, Technická univerzita Ostrava.
2 student London School of Economics and Political Science.

Definition and Evaluation of the Central Bank agresivity

This paper examines definitions and assessments of central bank aggressiveness. It shows theoretical reasons why there is certain minimal threshold value if CB wants to stabilize price level and on the other hand, why excessive reactions are suboptimal. The empirical part suggests that aggressiveness could be measured by defining certain indicators, based on variability of interest rates, inflation and output gap. The results are reported for countries with independent monetary policy as well as for countries in the eurozone, which has handed their monetary independency to ECB.

Keywords: central bank, aggressiveness, Taylor principle, reaction function
JEL classification: E37, E52, E58

Published: June 1, 2009  Show citation

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Komárek, L., & Rozsypal, F. (2009). Definition and Evaluation of the Central Bank agresivity. Politická ekonomie, 57(3), 383-404. doi: 10.18267/j.polek.690
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