The study looked at why interest rates in the money market change a lot when the Czech National Bank tries to control inflation. They found that short-term interest rates are not stable, while longer-term rates are. This happens because the central bank manages how much money is in the banking system, and people are unsure when the bank will change its policies. Also, people tend to think inflation will be higher than it actually is. This research helps us understand how the central bank's decisions affect interest rates.