ROZWÓJ SYSTEMÓW PROGNOZOWANIA INFLACJI W WYBRANYCH KRAJACH
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Date
2009
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Wydział Prawa i Administracji UAM
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DEVELOPMENT OF INFLATION FORECAST SYSTEMS IN SELECTED STATES
Abstract
States that use modern monetary policy strategies base their money policy strategy on inter alia,
inflation forecasts. When it comes to the decision making regarding the fundamental instrument of
monetary policy that needs to take into account the forecasting results, an inflation forecast system is
needed. Broadly speaking, the forecasting system comprises not only the method of inflation
forecasting, but other aspects as well, including the authorship of the forecast, its type, manner of
formulating sentences, frequency of forecast making, or the extent to which this information is
publicly disclosed. The paper presents the evolution of inflation forecast systems in five new European
Union members - the Czech Republic, Poland, Rumania, the Slovak Republic and Hungary. Those
states, all being new market economies, have struggled with similar difficulties and each has
developed its own system of coping with inflation forecasts. They often drew on experience of central
banks and their long tradition.
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Ruch Prawniczy, Ekonomiczny i Socjologiczny 71, 2009, z. 4, s. 113-131