This paper traces the history of China's reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the quantity-targeting framework, the People's Bank of China transformed its monetary policy framework toward one...

This paper deals with a "new" type of monetary policy making: Inflation Targeting (IT). It attempts to identify reasons for which countries might be inclined to adopt this framework for monetary policy. By reviewing recent experience of inflation targeting countries, the paper outlines the major...

To the best of our knowledge, our paper is the first systematic study of the predictive power of monetary aggregates for future inflation for the cross section of New EU Member States. This paper provides stylized facts on monetary versus non-monetary (economic and fiscal) determinants of...

This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a loosening of China's monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption. However, the importance of the wealth channel as a part...

This paper has three objectives. First, it aims at revealing the logic of interest rate setting pursued by monetary authorities of 12 new EU members. Using estimation of an augmented Taylor rule, we find that this setting was not always consistent with the official monetary policy. Second, we...

A dynamic rational expectations model is used for investigation of interactions between money growth, nominal interest rates, inflation expectations and the exchange rates. The motivation is to draw policy inferences for the small transition economy with an emerging market. An econometric...

Monetary policies of Poland, Hungary and the Czech Republic have undergone a significant transformation in the 1990s. The initial currency peg and the exchange-rate-based monetary policy have been gradually replaced by more flexible exchange rates and money-based policies. Preparations for...

This study proposes relative inflation forecast targeting as an operational framework of monetary policy for adopting the euro by the EU new Member States. This strategy assumes containing differentials between the domestic and the eurozone inflation forecasts as an operational target. A model...

This paper traces the history of China's reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the quantity-targeting framework, the People's Bank of China transformed its monetary policy framework toward one...

In November 2018, Russia's Federal Antimonopoly Service (FAS Russia) and Ministry of Energy (MinEnergo) came to an agreement with Russian oil companies to freeze petroleum products prices in the country until March 2019, which may be a headwind for fiscal regulation policies in the Russian...