Prof. Evžen Kočenda published in the International Journal of Central Banking
An article of our colleague Evžen Kočenda, “The Impact of Monetary Strategies on Inflation Persistence” was recently published in the International Journal of Central Banking. The paper is a joint work with Balázs Varga from the University of Budapest.
The journal is placed among the top 50 economic journals and publishes the best policy-relevant and applied research on central banking.
We analyze the impact of price-stability-oriented monetary strategies on inflation persistence by using a time-varying coefficients framework in a panel of sixty-eight countries over 1993–2013. It is shown that inflation targeting (IT) is effective even during and after the financial crisis and that explicit IT has a stronger effect on taming inflation persistence than implicit IT. It is shown that exchange regimes with the euro as a reserve currency are more effective than those using the U.S. dollar. On the other hand, U.S. inflation persistence exhibits a disproportionally lower effect on other countries' persistence than its German counterpart.
Autor - Mgr. Lucie Křížová M.A.