Czech Magic: Implementing Inflation-Forecast Targeting at the CNB

57 Pages Posted: 23 Mar 2017

See all articles by Kevin Clinton

Kevin Clinton

Government of Canada - Bank of Canada

Tibor Hlédik

Czech National Bank

Tomás Holub

Czech National Bank (CNB)

Douglas Laxton

International Monetary Fund (IMF) - Research Department

Hou Wang

International Monetary Fund (IMF)

Date Written: January 2017

Abstract

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. The CNB's experience has been very successful in establishing confidence in monetary policy in the Czech Republic and should provide useful guidance for other central banks that are considering adopting an IFT regime.

Keywords: Inflation targeting, Czech Republic, Central banks, Monetary policy, Forecasting models, Inflation Targeting, Monetary Policy, Optimal Control

JEL Classification: E30, E31, E58

Suggested Citation

Clinton, Kevin and Hlédik, Tibor and Holub, Tomás and Laxton, Douglas and Wang, Hou, Czech Magic: Implementing Inflation-Forecast Targeting at the CNB (January 2017). IMF Working Paper No. 17/21, Available at SSRN: https://ssrn.com/abstract=2938322

Kevin Clinton (Contact Author)

Government of Canada - Bank of Canada ( email )

234 Wellington Street
Ontario, Ottawa K1A 0G9
Canada
613-782-8766 (Phone)
613-782 7508 (Fax)

Tibor Hlédik

Czech National Bank ( email )

Na Prikope 28
CZ-11503 Praha 1
Czech Republic

Tomás Holub

Czech National Bank (CNB) ( email )

Na Prikope 28
CZ-11503 Praha 1
Czech Republic

Douglas Laxton

International Monetary Fund (IMF) - Research Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Hou Wang

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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