Monetary policy objectives, frameworks and institutions -- 1.1 Monetary policy objectives and frameworks -- 1.2 Central bank independence literature review -- 1.2.1 Sources and constraints of central bank independence -- 1.2.2 Central bank independence does it matter and why? -- 1.2.3 Central bank independence in transition -- 1.2.4 Conclusions -- 1.3 Experience with domestic targets of monetary policy -- 1.3.1 Monetary targeting -- 1.3.2 Inflation targeting -- 1.4 Foreign exchange rate regime and exchange rate targeting -- Review of macroeconomic developments with emphasis on inflation and monetary policy developments -- 2.1 Fragility, shallowness and monopolistic structure of financial markets -- 2.2 Imbalances and peculiarities in the relationship between the real economy and the financial sector -- 2.3 Price misalignment and limited controllability of inflation -- 2.4 Expectations and pressures of future emu membership -- 2.5 Gradual financial integration into the world economy -- 2.6 Key economic and monetary developments in the czech republic: 1993 -2001 -- 2.6.1 introduction -- 2.6.2 the monetary policy framework -- 2.6.3 Monetary developments 1993-2001 -- 2.7 Key economic and monetary developments in Hungary: 1993-2001 -- 2.7.1 Introduction -- 2.7.2 The monetary policy framework -- 2.7.3 A detailed look at monetary developments in Hungary during the 1993-2001 period -- 2.8 Key economic and monetary developments in Poland: 1993-2001 -- 2.8.1 Introduction -- 2.8.2 The monetary policy framework -- 2.8.3 Monetary developments 1993-2001 -- 2.9 Key economic and monetary developments in Slovakia: 1993-2001 -- 2.9.1 Introduction -- 2.9.2 The monetary policy framework -- 2.9.3 Monetary developments 1993-2001 -- Monetary policy transmission mechanism in Central Europe -- 3.1 Building the var models -- 3.2 Analysis of var results -- Institutional constraints on policy discretion - Central bank independence -- 4.1 Central bank independence what do legal indices tell us? -- 4.2 Legal and constitutional factors affecting independence of central banks -- 4.2.1 Checks and balances and constitutional protection of central bank independence -- 4.2.2 Checks and balances in the appointment process: political complexity of central bank appointments and political vulnerability of the central bank board -- 4.3 rule of law, personal independence and political role of central banks -- 4.4 central bank autonomy in exchange rate policy -- 4.5 conclusion -- The role of the exchange rate in monetary policy -- 5.1 Framework for analysis of exchange rate strategies -- 5.2 Nominal exchange rate -- 5.3 Real exchange rate and its role -- 5.4 Experience of individual countries with exchange rate strategies -- 5.5 Evaluation of Central European exchange rate strategies -- 5.6 Conclusion -- Domestic targets and their role in monetary policy -- 6.1 Monetary targeting -- 6.2 Inflation targeting - Introduction -- 6.3 Introduction of inflation targeting in Central Europe -- 6.4 Inflation targeting design and implementation issues -- 6.4.1 Choice of price index for inflation targeting -- 6.4.2 Other target issues - The target level, the tolerance interval, the time frame, exceptions -- 6.4.3 Multiplicity of targets -- 6.5 Evaluation of inflation targets -- 6.6 Inflation targeting - Influencing the behaviour of the central bank -- 6.7 Conclusion -- Conclusion -- 7.1 Explaining monetary policy in Central Europe -- 7.1.1 Factors influencing monetary policy in Central Europe during transition -- 7.1.1.1 Different initial conditions and expectations in individual countries -- 7.1.1.2 Ability to achieve overall rapid structural adjustment and successful transition -- 7.1.1.3 Expectations and pressures of future EU/EMU membership -- 7.1.1.4 A high level of trade and financial openness together with limited instruments of adjustment -- 7.1.1.5Dysfunctional structure of the financial sector and peculiarities in the relationship between the real economy and the financial sector -- 7.1.1.6 Inflationary pressures unrelated to monetary and fiscal policies as such -- 7.1.2 Consequences for the monetary policy-making environment -- 7.1.3 Reaction by monetary policymakers -- 7.2 Lessons for the theory of monetary policy in highly open middle-income economies -- 7.2.1 Constraining discretion in policy-making -- 7.2.2 The roles of publicly announced targets and of the external constraint -- 7.2.3 Co-ordination of monetary and fiscal policies -- Epilogue : on the road to eurozone (2002-2006) -- 8.1 Monetary policy frameworks since 2001 -- 8.2 The Maastricht criteria on public debt and long-term interest rates -- 8.3 The Maastricht criteria on inflation and exchange-rate stability -- 8.4 The Maastricht criterion on fiscal deficit

1. Monetary policy -- Europe
2. Central
3. Monetary policy -- Europe
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