Based on its outward-oriented development strategy, respectable growth, increased integration into world trade and financial markets, and imperfect though vibrant and wide-based democracy, Turkey is often cited as a development model for other countries in the region and elsewhere. Countering...

This paper presents a comprehensive examination of the determination and evolution of inflation expectations, with a focus on emerging market and developing economies (EMDEs). The results suggest that long-term inflation expectations in EMDEs are not as well anchored as those in advanced...

Does time-varying business volatility affect the price setting of firms and thus the transmission of monetary policy into the real economy? To address this question, we estimate from the firm-level micro data of the German IFO Business Climate Survey the impact of idiosyncratic volatility on the...

In this paper we describe the Czech National Bank's approach to incorporating macroprudential considerations into monetary policy decision making: the use of a broader inflation measure that gives substantial weight to house prices and is considered along with headline CPI inflation. We argue...

What is the effect of climate policies on inflation and economic activity? Answering this question is critical for central banks trying to achieve price stability. This paper studies the experience from existing carbon taxes in Canada and Europe, introduced over the last 30 years. Based on two...

During the course of 1999 Q4, the price trend changed. The long-term tendency toward a slowdown in CPI inflation was replaced by a slight pickup. Year-on-year CPI inflation was 2.5% in December ?99. The net inflation index stood at 1.5%, i.e., 2.5 percentage points below the lower boundary of...

Q1 2000 saw moderate inflation, signs of economic recovery, a worsening of the trade balance, and the continuing appreciation of the koruna?s exchange rate against the euro. Inflation factors acted markedly differently than in 1998 and H1 1999, when the price trend had been affected by a...

The moderate increase in inflation during Q2 2000 resulted from both an increase in net inflation and a hike in several regulated prices. Rising energy and raw material prices influenced the development of industrial PPI but their impact on CPI (except for fuel prices) continued to be limited,...

The decline in year-on-year inflation was halted in Q3 1999. After a considerable drop in the previous period, inflation gradually stabilised at its lowest level since 1991, the beginning of the country?s economic transformation. Net inflation continued to be determined largely by food prices....

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and...