Monetary policy and prediction of variability
Bibliographic Data
| ID | 7973429 |
|---|---|
| Authors | Karel Brůna (0000-0003-3690-1364, Prague University of Economics and Business, corresponding author) |
| Year | 2009 |
| Volume | 57 |
| Issue | 3 |
| Pages | 361-382 |
| Publication date | 2009-06-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Politická ekonomie (JOURNAL) |
| Journal identifiers | ISSN: 0032-3233 • E-ISSN: 2336-8225 |
| Publisher | Prague University of Economics and Business (PUBLISHER • CZ) |
| DOI | 10.18267/j.polek.689 |
| OpenAlex | W2461781818 |
| Language | EN |
| Citations received | 2 |
| References cited | 20 |
This study presents an analysis of the sources of variability of interest rates in the money market in the context of Czech National Bank's (CNB) monetary policy. The factors in question are changes in the structural characteristics of economies in transition, changing perception of inflation risks, the inconsistency of central bank's monetary decisions and central bank's weakened credibility and uncertainty about the efficient transmission of monetary measures. The empirical analysis documents non-stationary variability of ultra short-term PRIBOR interest rates and stability of longer maturity PRIBOR interest rates. These results reflect the role of CNB in bank system liquidity management, the uncertainty about the timing of CNB's monetary policy at the changing speed of the appreciation of the crown, tendencies of overestimation of expected inflation and changing structural characteristics
Context (archaeology) · Credibility · Credit channel · Economics · Fisher hypothesis · Forward guidance · Inflation (cosmology) · Inflation targeting · Interest rate · Macroeconomics · Market liquidity · Maturity (psychological) · Monetary economics · Monetary policy · National bank · Open market operation · Real interest rate · European Monetary and Fiscal Policies · Global Financial Crisis and Policies · Monetary Policy and Economic Impact
Monetary policy rules in practice
On the Exact Variance of Products
Is the Fed Too Timid? Monetary Policy in an Uncertain World
An analysis of PRIBOR interest rates sensitivity to changes in Czech national bank repo rate
Vield curve construction using government bonds in the Czech republic
The stabilization mechanism of ultra short-term interest rates in the context of Czech national bank's repo tenders
Monetary policy, trend inflation changes and volatility of interest rates relations
| Citations per year | 0.13 |
|---|---|
| Citation span | 2011 - 2011 (1) |
| Highly cited | No |