NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Jiri Jonas

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NBER Working Papers and Publications

December 2004Inflation Targeting in Transition Economies Experience and Prospects
with Frederic S. Mishkin
in The Inflation-Targeting Debate, Ben S. Bernanke and Michael Woodford, editors
May 2003Inflation Targeting in Transition Countries: Experience and Prospects
with Frederic S. Mishkin: w9667
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 performance will improve and support for the central bank will be higher if the central banks emphasize avoiding undershoots of the inflation target as much as avoiding overshoots. Also economic performance will be enhanced if inflation targeting central banks in transition countries do not engage in active manipulation of the exchange rate. The relationship between the central bank and the government in these countries has been quite ...

Published: Woodford, Michael (ed.) Inflation Targeting. Chicago: University of Chicago Press, 2005.

 
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