CNB paper formulates optimal policy for transition to euro

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The Czech National Bank (CNB) should target both inflation and the exchange rate during a transition to the euro if the length of the transition is likely to be long, a working paper published on March 20 by the CNB has found.

In Expected Regime Change: Transition Toward Nominal Exchange Rate Stability, author František Brázdik uses a small open economy model to assess the impact of uncertainty and fluctuating inflation expectations during a transition to a new monetary policy regime – in this

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