Je cílování inflace správnou volbou měnové politiky?

This thesis evaluates the results of inflation targeting as a monetary policy and analyses its impact on Czech economy and the economy of the Eurozone. In the case of the Czech Republic, the paper is trying to evaluate the whole period from 1992 till present. In the case of the Eurozone, the paper focuses on the last three years when the European Central Bank has decided to use asset purchases as an unconventional monetary tool to reach the inflation target. To evaluate inflation targeting, analysis and description of statistical data of the relevant institutions are used, as well as comparison of its inflation variance data with other monetary regimes. The data show positive change of the economy development after the application of inflation targeting compared to monetary policies used before - exchange rate and monetary base targeting. The success is also a good communication of monetary policy of central banks with the public which positively affects inflation expectations. On the other hand, the efficiency of unconventional monetary tools quantitative easing and foreign exchange intervention used in the last few years in the situation of zero lower bound are evaluated negatively in regards of financial innovations which make conducting of monetary policy harder.