The article explores why inflation in the Czech Republic has been lower than the target. By analyzing data from 1999-2007, the researchers found that the inflation target plays a big role in shaping people's expectations about future inflation. Contrary to the "hypercredible" hypothesis, lowering the target doesn't always lead to a bigger drop in expectations. However, a stricter monetary policy and lower target do lead to lower expectations. Overall, the study suggests that the country's monetary policy has successfully anchored inflation expectations.