Is inflation persistence in the new EU Member States (NMS) comparable to that in the euro area countries? We argue that persistence may not be as different between the two country groups as one might expect. We confirm that one should work carefully with the usual estimation methods when...

This paper reviews price-level targeting in the light of current theoretical knowledge and past practical experience. The authors discuss progress in the economic debate on this issue, starting with the traditional arguments discussed in the early 1990s and ending with the most recent literature...

This article describes a method for assessing the position of the Czech economy in the financial cycle. On the basis of selected variables tracking risks in the financial sector and the real economy, we construct an indicator aimed at signalling the emergence of future problems in timely...

From a general perspective, collateralisation of exposures is a key tool for mitigating the idiosyncratic risks of financial institutions. If, however, the use of collateral in the financial system exceeds a certain threshold it can pose a risk to financial stability. Collateral use is...

Developments in the commercial property market are an important factor affecting financial stability, especially given their effect on the probability of default of non-financial corporations. This article analyses the development of the office property markets in five central European countries...