Publication detail

Causes of Deviations from the CNB‘s Inflation Targets: An Empirical Analysis

Author(s): doc. Mgr. Tomáš Holub Ph.D.,
Type: Articles in journals with impact factor
Year: 2008
Number: 9
ISSN / ISBN: 0015-1920
Published in: Finance a úvěr – Czech Journal of Economic and Finance
Publishing place: Praha
Keywords: inflation targeting, VAR model, exchange rate
JEL codes: E31, E52, E58
Suggested Citation:
Grants: IES Research Framework Institutional task (2005-2011) Integration of the Czech economy into European union and its development
Abstract: This paper provides an empirical analysis of the factors that caused deviations from the CNB’s inflation targets during the first ten years of inflation targeting in the Czech Republic. While in the short term, shocks to agricultural producer prices represent the most important factor, exchange rate shocks are clearly the most important medium-term factor. At the same time, it could not be proved that monetary policy created any major shocks contributing to the non-fulfillment of inflation targets, although some role thereof cannot be excluded either.
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