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National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
Evolution of monetary policy regimes and it is suitable in present
 Frýbová, Kateřina ; Řežábek, Pavel (advisor) ; Zamrazilová, Eva (referee)
The current monetary policy has been a widely discussed topic. The main focus has been given to the inflation targeting and whether it is suitable in situations with low inflation and low interests rates. The present study is addressing the monetary policy regimes and evolution of targeting aggregates under inflation targeting. The goal of my thesis is to verify whether the interests rates close to technical zero don t cause systematically larger deviations of forecasts of inflation from reality. Having compared most monetary regimes, their advantages and disadvantages in the current situation, I have come to the conclusion that although inflation targeting is not absolutely perfect, the shortcomings and the pitfalls of other regimes are considerably less favourable. Although the inflation deviation is increasing, this is most likely attributable to the error of model and the overtly optimistic forecast of the Czech National Bank than to the possibility that the errors directly relate to the level of interests rates.
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Explanatory power of inflation forecasts and their effect on the monetary policy of inflation targeting
 Frýbová, Kateřina ; Pfeifer, Lukáš (advisor) ; Řežábek, Pavel (referee)
The goal of this work is to prove poor explanatory power of inflation forecasts, which monetary policy regime of inflation targeting depends on. Actual inflation is significantly different from its forecast especially during unstable periods of economic cycle. The paper compares inflation forecasts and actual inflation in the Czech Republic, Switzerland, the United States and Great Britain from 1999 to 2011. Central banks use similar inflation targets and monetary policy regime in selected countries, however there are significant differences among them. The results for all the countries are almost identical despite these local specifics. The explanatory power (especially conditional forecasts) was found to be minimal. This hypothesis is proved by the regression analysis of actual inflation and inflation forecasts.
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