Challenges to Monetary Policy in the Czech Republic—An Integrated Monetary and Fiscal Analysis
March 1, 2008
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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.
Subject: Fiscal policy, Inflation, Inflation targeting, Output gap, Value-added tax
Keywords: inflation target, monetary policy, monetary policy reaction, WP
Pages:
35
Volume:
2008
DOI:
Issue:
072
Series:
Working Paper No. 2008/072
Stock No:
WPIEA2008072
ISBN:
9781451869347
ISSN:
1018-5941
