This paper is primarily concerned with assessing the bias of the CNB’s predictions in relation to undershooting of the inflation target. We conclude that the inflation prediction error has decreased over time. We further point out that GDP growth and interest rates were, respectively, above...

This paper provides some stylized facts of inflation target fulfillment in the Czech Republic in 1998–2007. In the first part, it discusses briefly the general macroeconomic conditions of the Czech inflation targeting regime, including an identification of the main shocks affecting its...

This paper asks to what extent were the last one hundred policy decisions taken by the Czech National Bank (CNB) considered predictable by the market. The results are threefold. First, CNB policy decisions can be considered as predictable on average. Second, policy predictability followed no...

The article summarizes the recent seminar of the Czech Economic Association devoted to the Nobel Prize laureates in economics for 2000, James J. Heckman and Daniel L. McFadden. A paper presented by M. Zajícek concentrated mainly on the work of Mr. McFadden. Economic problems, especially those...

his article summarizes a recent seminar of the Czech Economic Association devoted to the relationship between psychology and economics. While economic methodology strives for scientific reasoning, the course of this pursuit often results in the neglect of the behavioral aspects of economic...

The authors of this paper argue that European Monetary Union (EMU) member countries are likely to respond differently to the single monetary policy of the European Central Bank. Disparities are inevitable, they maintain, given differences in monetary policy transmission due mainly to the...

The Czech Economic Association has once again awarded young economists for contributions made to economic research. Each awarded presented a lecture that dealt with economic methodology. This article summarizes the lectures, each of which addressed a specific methodological topic: evolution,...

The article summarizes papers presented at two seminars organized by the Czech Economic Association in November 1999 held in Ostrava and Jindøichùv Hradec, respectively. The first seminar, ?Financial Indicators and the Czech Economy,? attracted papers aimed at both presenting the theory and...