Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/174205 
Year of Publication: 
2017
Series/Report no.: 
IES Working Paper No. 12/2017
Publisher: 
Charles University in Prague, Institute of Economic Studies (IES), Prague
Abstract: 
In this paper we describe the Czech National Bank's approach to incorporating macroprudential considerations into monetary policy decision making: the use of a broader inflation measure that gives substantial weight to house prices and is considered along with headline CPI inflation. We argue that, in terms of theory, the broader inflation gauge is at least as suitable for measuring the value of money as headline CPI inflation is, but we also acknowledge practical problems that arise from the use of the broader index.
Subjects: 
consumer price index
financial stability
house prices
macroprudential policy
monetary policy
owner-occupied housing
JEL: 
E31
E44
E50
R30
Document Type: 
Working Paper

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