Economics, Econometrics and Finance
4 years ago

CNB Monetary Policy Tied to ECB Actions, Impacting Czech Economy

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Politická ekonomie
Application of the Taylor Rule to CNB Monetary Policy
František Táborský

Paper Summary

The paper tests the Taylor rule for Czech monetary policy from 2000 to 2019. It uses an error correction model to find key variables for setting the CNB's policy. The CNB's repo rate is influenced by the output gap, ECB's base rate, price level changes, and previous repo rate. The study shows a strong link between the CNB's repo rate and the ECB's actions.

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