August 2000

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Inflation Targeting in Transition Economies: The Case of the Czech Republic

Edited by Warren Coats
Monetary and Exchange Affairs Department
of the International Monetary Fund
(Washington DC)

Czech National Bank (Prague)

  1. Introduction 76k pdf file
    by Warren Coats  
    • Preface
      by Josef Tošovský
    • Editors Note
  2. Inflation Targeting in Transition Economies: Some Issues and Experience 112k pdf file
    by Jiri Jonas  
    • Introduction
    • Why Inflation Targeting
    • Preconditions
    • Operational Features of Inflation Targeting
    • Inflation Targeting and Disinflation
    • Opportunistic Disinflation?
    • Preliminary Results of Inflation Targeting and Conclusions
    • References
  3. Controlling Inflation after Bretton Woods: An Analysis Based on Policy Objectives 619k pdf file
    by William T. Gavin  
    • Introduction
    • The Inflation Experience in Selected Countries
    • Inflation Targeting and Price-Level Stability
    • Monetary Policy with a Price-Level Objective
    • Monetary Policy in Selected Countries
    • Conclusion
  4. Money in an Inflation Targeting Framework 95k pdf file
    by Paul Mizen  
    • Introduction
    • Instability in the Demand for Money
    • Monetary Targeting
    • Money as a Corroborative and Incremental Indicator
    • Conclusions
  5. Market-Based Inflationary Expectations as an Indicator for Monetary Policy: The Case of Israel 539k pdf file
    by Daniel Yariv  
    • Introduction
    • Inflationary Expectations and Indexed Bond Markets
    • The Model
    • Main Assumptions
    • Analysis of the Findings
  6. Inflation-Forecast Targeting and the Role of Macroeconomic Models 440k pdf file
    by Peter Isard and Douglas Laxton  
    • Introduction
    • Some Key Strategic Issues Related to Inflation Targeting
    • A Paradigm for Implementing Inflation-Forecast Targeting
    • Model Uncertainty and Recent Research on Monetary Policy Rules
    • A Small Model of the Czech Economy
    • Concluding Remarks
  7. Inflation Targeting in the Czech Republic 75k pdf file
    by the Czech National Bank  
    • The Aim of Monetary Policy and the Central Bank’s Objective
    • The Main Types of Monetary Policy Regime
    • Monetary Policy Regimes in the Czech Republic Prior to Inflation Targeting
    • The Inflation Targeting Regime-Arguments and Reasons for Its Introduction in the Czech Economy
    • The Prerequisites for Effective Implementation of Inflation Targeting
    • Limiting Factors in Monetary Policy Implementation in the Czech Economy
    • The Aims of Monetary Policy: Specifications and Implementation
    • Price Indices in 1998 and 1999 and the Monetary Policy Response
    • Advantages of the Inflation Targeting Regime in the Czech Economy
  8. Strategic Choices for Inflation Targeting in the Czech Republic 81k pdf file
    by Kevin Clinton  
    • Introduction
    • Searching for a Nominal Anchor
    • CNB Inflation Targeting
    • Assessment of the CNB Strategy
    • Research and Models for Inflation Targeting in the Period Ahead
    • Transparency and Communications
    • Conclusions
  9. Disinflating with Inflation Targeting: Lessons from the Czech Experience 203k pdf file
    by Katerina Šmídková and Miroslav Hrncír  
    • A Search for a Better Strategy to Disinflate
    • Implementing Inflation Targeting in the Czech Republic
    • Experience of the First Two Years
    • Some Lessons from the Czech Experience
    • Preconditions for Using Inflation Targeting in Transition
    • Inflation Targeting Moves the Central Bank to the Policy Frontier