Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/39534
Authors: 
Orlowski, Lucjan T.
Year of Publication: 
2001
Series/Report no.: 
ZEI working paper B 25-2001
Abstract: 
A flexible approach to direct inflation targeting is a viable monetary policy choice for transition economies that is believed to facilitate both the economic transition and the monetary convergence to the euro. Following this assumption, an analytical model investigating the link between the inflation process and monetary variables in transition economies is advanced in this study. The empirical testing is conducted for Poland, the Czech Republic and Hungary. The analysis recommends that the monetary convergence begins with inflation targeting and concludes with a full-fledged euroization. It further advocates the application of flexible benchmarks of monetary convergence that would accommodate various non-monetary factors affecting inflation in transition economies.
JEL: 
E32
E52
P33
Document Type: 
Working Paper

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