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...

This paper investigates basic characteristics of inflation targeting in the Czech Republic. The first part of the paper starts by briefly indicating some general macroeconomic conditions of inflation targeting in the Czech Republic, including the identification of the main shocks, which affected...

This paper analyses a hypothesis, whether an asymmetric monetary policy could contribute to the undershooting of the inflation targets of the Czech National Bank in the years 1998-2007. To this goal, a non-linear Taylor Rule has been estimated. The results indicate that – upon the...

We examine the determinants of the dissent in central bank boards voting records about monetary policy rates in the Czech Republic, Hungary, Sweden, the UK and the US. In contrast to previous studies, we consider 25 different macroeconomic, financial, institutional, psychological or...

This article addresses the role of the inflation target with respect to inflation expectations developments using the vector error correction (VECM) and block restriction vector autoregression (VAR) models, based on the monthly data of 1999-2007. The econometric analysis performed has not...