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

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Author Info
Céline Allard
Sònia Muñoz
Abstract

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.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/72.

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Length: 35 pages
Date of creation: 25 Mar 2008
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Handle: RePEc:imf:imfwpa:08/72

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Keywords: Monetary policy ; Czech Republic ; Inflation targeting ; Fiscal policy ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Tamim Bayoumi & Douglas Laxton & Paolo Pesenti, 2004. "Benefits and spillovers of greater competition in Europe: a macroeconomic assessment," Staff Reports 182, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  2. Douglas Laxton & Paolo Pesenti, 2003. "Monetary Rules for Small, Open, Emerging Economies," NBER Working Papers 9568, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Werner Schule & Luc Everaert, 2006. "Structural Reforms in the Euro Area: Economic Impact and Role of Synchronization Across Markets and Countries," IMF Working Papers 06/137, International Monetary Fund. [Downloadable!]
  4. Michael Kumhof & Douglas Laxton, 2007. "A Party without a Hangover? On the Effects of U.S. Government Deficits," IMF Working Papers 07/202, International Monetary Fund. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Melecky, Ales & Melecky, Martin, 2008. "From Inflation to Exchange Rate Targeting: Estimating the Stabilization Effects," MPRA Paper 10844, University Library of Munich, Germany. [Downloadable!]
  2. Martin Cihák & Wim Fonteyne, 2009. "Five Years After: European Union Membership and Macro-Financial Stability in the New Member States," IMF Working Papers 09/68, International Monetary Fund. [Downloadable!]
  3. Mark J Flanagan, 2008. "Resolving a Large Contingent Fiscal Liability: Eastern Europe Experience," IMF Working Papers 08/159, International Monetary Fund. [Downloadable!]
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This page was last updated on 2009-11-20.

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