Czech National Bank paper studies changing inflation dynamics

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A working paper, published by the Czech National Bank on June 19, studies the causes of changes in inflation dynamics in Hungary, Poland and the Czech Republic, and emphasises the importance of inflation expectations in determining price-level outcomes.

The authors, Jaromír Baxa, Miroslav Plašil and Bořek Vašíček, develop a previous New Keynesian Philips Curve model to allow for monetary policy changes. The paper finds that the forward-looking inflation term is more important than the backward

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