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

March 1, 2008

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Format: Chicago

Sònia Muñoz, and Céline Allard. Challenges to Monetary Policy in the Czech Republic—An Integrated Monetary and Fiscal Analysis, (USA: International Monetary Fund, 2008) accessed December 29, 2024

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.

Subject: Fiscal policy, Inflation, Inflation targeting, Output gap, Value-added tax

Keywords: Inflation target, Monetary policy, Monetary policy reaction, WP

Publication Details

Pages:

35
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2008/072
Stock No:

WPIEA2008072
ISBN:

9781451869347
ISSN:

1018-5941

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