In March 2013 the consumer price index made 0.3% (0.6% in March 2012), which is less than in February of this year by 0.3 p.p. In April, inflation has also increased: within 15 days of the month CPI made 0.3%. As a result, inflation reached in annual terms has reached 7.0%. In Q1 2013, according...

In March 2014, the Consumer Price Index (CPI) amounted to 1% (vs. 0.3% in March 2013), which represents a 0.3 p.p. rise on February 2014. As a result, the inflation rate in per annum terms, as seen by the results of the past 12 months, rose to about 6.9%. Over the period from 1 April through 21...

Due to a shift in the balance of risks towards a more significant cooling of the economy, at the Bank of Russia Board of Directors' meeting on 13 March 2015 it was decided that the key interest rate should be reduced by 1 p.p. – to 14% per annum. In March 2015, the Consumer Price Index's...

This paper analyses the evolution of inflation targeting policies in Central European countries. The origins of their inflation targeting strategies are examined, above all the commitment to price stability as well as the inability of prior policy regimes to engender financial stability. Recent...

A monetary policy framework based on targeting a relative inflation-forecast is proposed for the economies converging to the euro. Such strategy aims at containing the differentials between the domestic and the implicit monetary union inflation-forecasts. Hence, these differentials become a...

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...

We estimate a small structural model for inflation, the output gap, the domestic interest rate and the exchange rate for Hungary during the period of the transition (1991-1999). The transmission of monetary policy impulses to macro variables is characterized in a similar fashion to that of...

The evaluation of the output cost of monetary stabilization is one of the main macro questions to be addressed when comparing alternative strategies and paths to monetary convergence in the economies in transition. In general, the evaluation of the output costs of stabilization (and hence of the...

We use a structural VAR model with short-term restrictions to investigate the relative importance of interest rate, exchange rate and credit channels in the monetary policy transmission (MPT) for the Czech Republic, Hungary and Poland over 1993:1-2004:3. Main results are as follows. First, in...

We estimate a small structural model for inflation, the output gap, the domestic interest rate and the exchange rate for Hungary during the period of the transition (1991-99). The transmission of monetary policy impulses to macro variables is characterized in a similar fashion to that of...