The outbreak of the financial and economic crisis in 2007–2008 put an end to the previous consensus on monetary policy. The effects of monetary policy on redistribution have come to the foreground; the modelling and transparency of central bank decisions now require the development of an...

The introductory paper defines three stages of Czech inflation targeting and defines possible factors behind inflation deviations from inflation targets in 1998-2007. The paper also summarises the findings of analyses by CNB experts, which are presented in further chapters of the volume....

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 the GDP growth respectively interest rates were above...

One of the most striking macroeconomic phenomena in recent decades has been the achievement of rather low and more stable rates inflation in many countries in the nineties. Consequently, the main goal of this paper is to offer an overview of the main policy issues arising in a low inflation...

This paper investigates basic characteristics of inflation targeting in the Czech Republic. The first part of the paper starts by briefly indicating some general macroeconomic conditions of inflation targeting in the Czech Republic, including the identification of the main shocks, which affected...

One of the most striking macroeconomic phenomena in recent decades has been the achievement of rather low and more stable rates inflation in many countries in the nineties. Consequently, the main goal of this paper is to offer an overview of the main policy issues arising in a low inflation...

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...

In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary aggregates have a potentially significant...

This paper is the starting point of a series of analyses aiming at re-discovering the role of money for monetary policy purposes. It provides an overview of the role of money in modern macro models. In particular, we are focussing on New Keynesian and New Monetarist models to investigate their...

In this paper we investigate the effect of standard and non-standard monetary policy implemented by the ECB on income inequality in Italy. We use for the first time the survey microdata on Income and Living Conditions (EU-SILC, Istat) in a repeated cross-section experiment to build measures of...