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Econometric Analysis of Croatia's Proclaimed Foreign Exchange Rate
South East European Journal of Economics and Business
The officially proclaimed foreign exchange policy of the Croatian National Bank (CNB) is a managed float with a discretionary right of intervention on the Croatian kuna/euro foreign exchange (FX) market in order to maintain price stability. This paper examines the validity of three monetary policy hypotheses: the stability of the nominal exchange rate, the stability of exchange rate changes, and the exchange rate to inflation pass-through effect. The CNB claims a direct FX to inflation ratedoi:10.1515/jeb-2015-0001 fatcat:twubj45fnbdi7nojw3h2n73qhe