Perhaps the most notable development in the area of monetary policy over the last decade is the growing popularity of inflation targeting. This regime is based to a great extent on communication and, more specifically, on using and communicating assessments of future inflation. The central...

This paper is primarily concerned with assessing the bias of the CNB's predictions in relation to undershooting of the inflation target. We conclude, that the inflation prediction error has decreased over time. We further point out that the GDP growth respectively interest rates were above...

Original versions of the included papers were written by an extensive team of authors for the meeting of the Bank Board with experts. The aim of this meeting was to assess the ten-year experience with inflation targeting and to contribute to its improvements in the forthcoming years. Following...