be described as asymmetric in three new European Union (EU) members (the Czech Republic, Hungary, and Poland) which apply … an inflation targeting regime. Two different empirical frameworks are used: (i) Generalized Method of Moments (GMM …

affect inflation and output relatively quickly. Granger causality tests reveals that although money market rate has limited …

The paper proposes a new indicator of expected real effects of a policy aimed at controlling inflation. The indicator …, called real effect of inflation targeting (REIT), involves the comparison of expected and output-neutral inflation. It is … shown that it can be derived from a simple two-dimensional vector autoregressive model of inflation and output gap. The …

This study proposes an extension to the inflation targeting framework for Poland that takes into consideration the … policy framework is based on targeting the differential between the domestic and the implicit euro area inflation forecasts …. Adjustments of interest rates respond to changes in the relative inflation forecast, while foreign exchange market intervention is …

Inflation-targeting central banks have a respectable track record at explaining their policy actions and corresponding … inflation outturns. Using a simple forward-looking policy rule and an assessment of inflation reports, we provide a new … methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools-inflation …

This paper examines the inflation targeting experience in three transition countries: the Czech Republic, Poland and … Hungary. While the examined countries have missed inflation targets often by a large margin, they nevertheless progressed well … with disinflation. A key lesson from the experience of the inflation targeting transition countries is that economic …

Das vorliegende Arbeitspapier untersucht, auf welche Art die polnische Regierung das Problem der Inflation zu behandeln … versucht. Durch eine Reduktion der fiskalpolitischen Dominanz und härtere Budget-Richtlinien ist Polen seinem Ziel schon …