Inflation in the Czech Republic in the Mid-Nineties

In recent time inflation became a topic between economists and statisticians. An important question is not only an inflation development, but also especially an identification of factors, which influence it. The solution of this task turns into difficult empirical problem not only because of short time period. The text responds to Martin Čihák and Kamil Janáček article Inflation in the Czech Republic in the Mid-Nineties (Politická ekonomie, 199, č.6). Significant part of its constitutes an analysis covering time series. I am focusing on significant problems, which appear in many articles: yearly development rate and one-equation modelling of inflation.