Three alternative policy rules are contrasted in a model framework in this paper. Such simulation and their results provide a background for policy debate on the properties of alternative strategies of Czech monetary policy. The specific features of an economic transition period are reflected in...

Since koruna turbulence in 1997, there has been considerable dialogue concerning suitable strategy for the Czech monetary policy. This paper provides a model framework for such discussion. Three alternative monetary strategies are approximated by different policy rules. Several specific features...