CNB paper reviews inflation-targeting framework
A Czech National Bank (CNB) paper published on January 5 shows output and prices have been increasingly responsiveness to monetary policy shocks in the Czech Republic in recent years.
Michal Franta, Roman Horváth and Marek Rusnák, the paper's authors, employ a Bayesian vector autoregression model with stochastic volatility to investigate the evolution of the monetary policy transmission mechanism in the Czech Republic over the period 1996–2010. After experiencing nearly double-digit inflation
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