Perspectives for CESEE Countries
Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth
Chapter 17: Inflation targeting and use of the exchange rate as a monetary policy instrument: the CNB experience
The Czech National Bank (CNB) has been targeting inflation continuously since 1998. The inflation targeting framework has undergone enormous changes since then. This chapter reviews the CNB’s experience with inflation targeting. It goes on to summarize the action the CNB took to weaken the domestic currency in November 2013, and concludes by assessing the CNB’s experience with using the exchange rate as a monetary policy instrument.
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