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Effects of Fiscal Consolidation in the Czech Republic

Author/Editor: Klyuev, Vladimir | Snudden, Stephen
Authorized for Distribution: March 1, 2011
Electronic Access: Free Full Text (PDF file size is 3,779KB)
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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 IMF’s Global Integrated Monetary and Fiscal Model (GIMF) to assess the impact of fiscal consolidation on the Czech economy. Its contribution is threefold. First, it provides estimates of dynamic fiscal multipliers for a variety of fiscal instruments (tax and expenditure), consolidation durations, assumptions about credibility, and monetary policy responses. Second, the paper evaluates the impact on the economy of tightening measures envisaged in the 2011 budget. Third, the paper considers alternative packages for consolidation beyond 2011 to achieve the government’s balanced budget target by 2016 and identifies which forms of adjustment are more "growth-friendly".
 
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Series: Working Paper No. 11/65
Subject(s): Budgets | Czech Republic | Fiscal consolidation | Fiscal policy | Monetary policy
Author's keyword(s): fiscal multipliers; fiscal consolidation; fiscal policy; general equilibrium models.
 
English  
    Published:   March 1, 2011        
            Format:   Paper
    Stock No:   WPIEA2011065   Pages:   65
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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