Volatility of Money Market Interest Rates Under the Inflation Targeting

摘要: This study presents an analysis of the sources variability interest rates in money market context inflation targeting by Czech National Bank (CNB). The factors question are changes structural characteristics economies transition, changing perception risks, inconsistency central bank’s monetary decisions and weakened credibility uncertainty about efficient transmission measures. empirical documents nonstationary ultra short-term PRIBOR stability longer maturity rates. These results reflect role CNB bank system liquidity management, timing CNB’s policy at speed appreciation crown, tendencies overestimation expected characteristics. Field Research: policy, dynamics