{
  "title": "Czech Magic: Implementing Inflation-Forecast Targeting at the CNB",
  "publication": "IMF Working Papers, January 30, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2017/01/30/czech-magic-implementing-inflation-forecast-targeting-at-the-cnb-44604",
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  "summary": "This paper describes the CNB’s experience implementing an inflation-forecast targeting (IFT) regime, and the building of a system for providing the economic information that policymakers need to implement IFT.",
  "sections": [
    {
      "heading": "Implementation experience and core findings",
      "content": "- The paper describes the CNB’s experience implementing an inflation-forecast targeting (IFT) regime.\n- The CNB built a system for providing the economic information that policymakers need to implement IFT.\n- The CNB’s experience has been described as \"very successful in establishing confidence in monetary policy in the Czech Republic.\"\n- The authors conclude the CNB’s experience should provide useful guidance for other central banks considering adopting an IFT regime."
    },
    {
      "heading": "System for economic information and policy implementation",
      "content": "- Focus on building a forecasting and information system to support IFT decisions.\n- Emphasis on providing policymakers with the economic information necessary to implement an IFT regime, including model-based forecasts and indicators relevant to inflation and the transmission mechanism."
    },
    {
      "heading": "Policy relevance and thematic coverage",
      "content": "- Subject areas covered: Banking; Central bank policy rate; Exchange rates; Financial services; Foreign exchange; Inflation; Inflation targeting; Monetary policy; Prices; Short term interest rates.\n- Keywords included: Central bank policy rate; Exchange rates; financial market; Global; IFT central bank; IFT monetary policy framework; Inflation; Inflation Targeting; interest rate path; market interest rate outlook; Monetary Policy; monetary policy model; nominal interest rate; Optimal Control; output gap; Policy interest rate decision; rate of inflation; reaction function; Short term interest rates; transmission mechanism; WP."
    },
    {
      "heading": "Publication and document specifics",
      "content": "- Authors: Kevin Clinton, Tibor Hlédik, Tomás Holub, Douglas Laxton, Hou Wang\n- Date: January 30, 2017\n- Series: Working Paper No. 2017/021\n- Issue: 021\n- Volume: 2017\n- Pages: 56\n- DOI: https://doi.org/10.5089/9781475572971.001\n- ISBN: 9781475572971\n- ISSN: 1018-5941\n- Stock No: WPIEA2017021\n\nIMF Working Paper: \"Czech Magic: Implementing Inflation-Forecast Targeting at the CNB\", IMF Working Papers 2017, 021 (2017).\n\n---\n\n Content in this bundle\n\n- Czech Magic: Implementing Inflation-Forecast Targeting at the CNB\n  - Czech Magic: Implementing Inflation-Forecast Targeting at the CNB (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Czech Magic: Implementing Inflation-Forecast Targeting at the CNB (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/01/30/czech-magic-implementing-inflation-forecast-targeting-at-the-cnb-44604"
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    "Authors: Kevin Clinton, Tibor Hlédik, Tomás Holub, Douglas Laxton, Hou Wang",
    "Published: January 30, 2017",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475572971.001",
    "The paper describes the CNB’s experience implementing an inflation-forecast targeting (IFT) regime.",
    "The CNB built a system for providing the economic information that policymakers need to implement IFT.",
    "The CNB’s experience has been described as \"very successful in establishing confidence in monetary policy in the Czech Republic.\"",
    "The authors conclude the CNB’s experience should provide useful guidance for other central banks considering adopting an IFT regime.",
    "Focus on building a forecasting and information system to support IFT decisions.",
    "Emphasis on providing policymakers with the economic information necessary to implement an IFT regime, including model-based forecasts and indicators relevant to inflation and the transmission mechanism.",
    "Subject areas covered: Banking; Central bank policy rate; Exchange rates; Financial services; Foreign exchange; Inflation; Inflation targeting; Monetary policy; Prices; Short term interest rates.",
    "Keywords included: Central bank policy rate; Exchange rates; financial market; Global; IFT central bank; IFT monetary policy framework; Inflation; Inflation Targeting; interest rate path; market interest rate outlook; Monetary Policy; monetary policy model; nominal interest rate; Optimal Control; output gap; Policy interest rate decision; rate of inflation; reaction function; Short term interest rates; transmission mechanism; WP.",
    "Authors: Kevin Clinton, Tibor Hlédik, Tomás Holub, Douglas Laxton, Hou Wang",
    "Date: January 30, 2017",
    "Series: Working Paper No. 2017/021",
    "Issue: 021",
    "Volume: 2017",
    "Pages: 56",
    "DOI: https://doi.org/10.5089/9781475572971.001",
    "ISBN: 9781475572971",
    "ISSN: 1018-5941",
    "Stock No: WPIEA2017021",
    "**Czech Magic: Implementing Inflation-Forecast Targeting at the CNB**"
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