The introduction to the no. 1/13 of the journal FaÚ-CJEF, focused on the single topic „Financial Linkages and Financial Stability”.

The Maastricht criteria measure the nominal convergence process of transformation countries to the European Union (resp. the EMU). The real convergence process, as opposed to the nominal, is much less scrutinized. Due to the high income elasticity of imports in Central and Eastern European...

The Czech National Bank (CNB) conducts a monthly survey to collect domestic and foreign analysts’ forecasts of several economic and financial variables. Among these are the 2-week repo rate (which is the monetary policy interest rate set by the CNB), the 1-year Prague interbank offer rate and...

Inflation targeting is historically the youngest strategy in the practice of monetary policy. Successfully pioneered by New Zealand, inflation-targeting schemes are now well established in several central banks, including the Czech National Bank (CNB).The experiences of other inflation-targeting...

We examine the information content of U.S. Fed voting records under the Greenspan chairmanship. We find that the voting records of FOMC members, as captured by the difference between the average voted-for and actually implemented policy rate, signal the future course of monetary policy. The...