| Description |
1 online resource (35 pages) : illustrations |
| Series |
IMF working paper ; WP/08/72 |
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IMF working paper ; WP/08/72.
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| Contents |
I. Introduction; II. Challenges for Monetary Policymaking; Figures; 1. Domestic Demand and Inflation; 2. Wages and Unemployment; 3. Interest Rates and Exchange Rate; III. Brief Description of the Model; IV. Impact of the Fiscal Package; 4. Effect of the Fiscal Shock on Headline Inflation; 5. Macroeconomic Impact of the Fiscal Shock; 6. Impact of the Fiscal Shock on Public Balances; V. Prospects for Monetary Policy in the Period Ahead; 7. Impact of the Fiscal Shock on Growth and Exports; 8. Impact of Fiscal, Output Gap, Wage, and Depreciation Shocks on Headline Inflation |
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9. Response of the Interest Rates to the Fiscal, Output Gap, Wage and Depreciation Shocks10. Impact of Fiscal, Output Gap, Wage and Depreciation Shocks on Growth, Exchange Rate and Wages; VI. Effects of Reducing the Target Rate of Inflation; 11. Effects of Reducing the Inflation Target on Inflation and Interest Rates; VII. Conclusions; 12. Macroeconomic Effects of Reducing the Inflation Target; References; Appendix; I. Calibration Parameters; Appendix Figures; 1. Tax Shocks, 2007-15; 2. Fiscal Shocks, 2007-15; 3. Fiscal, Output Gap, Wage and Depreciation Shocks, 2007-15 |
| 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 |
| Bibliography |
Includes bibliographical references (page 16) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Monetary policy -- Czech Republic -- Econometric models
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Fiscal policy -- Czech Republic -- Econometric models
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Economic policy
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Fiscal policy -- Econometric models
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Monetary policy -- Econometric models
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| SUBJECT |
Czech Republic -- Economic policy.
http://id.loc.gov/authorities/subjects/sh2006001858
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| Subject |
Czech Republic
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| Form |
Electronic book
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| Author |
Muñoz, Sònia, 1970- author.
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International Monetary Fund. European Department.
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| ISBN |
1283515369 |
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9781283515368 |
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