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

37 Pages Posted: 2 Apr 2008

See all articles by Céline Allard

Céline Allard

International Monetary Fund (IMF)

Sònia Muñoz

International Monetary Fund (IMF)

Date Written: March 2008

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.

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

Suggested Citation

Allard, Celine and Muñoz, Sònia, Challenges to Monetary Policy in the Czech Republic: An Integrated Monetary and Fiscal Analysis (March 2008). IMF Working Paper No. 08/72, Available at SSRN: https://ssrn.com/abstract=1115603

Celine Allard (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Sònia Muñoz

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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