Challenges to Monetary Policy in the Czech Republic—An Integrated Monetary and Fiscal Analysis

Author/Editor: Allard, Céline ; Muñoz, Sònia
Publication Date: March 01, 2008
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
Summary: This paper uses the Global Integrated Monetary and Fiscal Model (GIMF), a New Keynesian open-economy general equilibrium model suitable for an integrated evaluation of monetary and fiscal policies, to analyze monetary policy challenges facing the Czech Republic. In the context of the recent rising inflation pressures, we analyze how the authorities' fiscal reform package and the planned reduction in the inflation target in 2010 would weigh on the conduct of monetary policy.
Series: Working Paper No. 08/72
Subject(s): Monetary policy | Czech Republic | Inflation targeting | Fiscal policy

Author's Keyword(s): Inflation targeting | Macroeconomic model | Fiscal Policy | Policy coordination
Publication Date: March 01, 2008
Format: Paper
Stock No: WPIEA2008072 Pages: 35
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