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Systems 2018, 6(2), 25; https://doi.org/10.3390/systems6020025

Monetary and Fiscal Policy Interactions in the Czech Republic

1
Department of Economic and Social Policy, Faculty of Economics, University of Economics, Prague, W. Churchill sq. 4, 130 67 Praha 3, Czech Republic
2
Department of System Analysis, Faculty of Informatics and Statistics, University of Economics, Prague, W. Churchill sq. 4, 130 67 Praha 3, Czech Republic
*
Author to whom correspondence should be addressed.
Received: 8 May 2018 / Revised: 14 June 2018 / Accepted: 14 June 2018 / Published: 17 June 2018
(This article belongs to the Special Issue Modelling of Economic Systems)
Full-Text   |   PDF [346 KB, uploaded 17 June 2018]

Abstract

The paper provides empirical analysis of interactions between monetary and fiscal policy in the Czech Republic and document changes in policy conduct across the time. To this end, we build and estimate a six-variable Bayesian VAR and propose some refinements to the modelling framework. These improvements make it possible to better capture the main features of the economic system populated by both macroeconomic policy authorities. The results point to the lack of complementarity between policy actions adopted by the authorities and suggest that there is still enough room for enhancing the effectiveness of economic policies. View Full-Text
Keywords: economic system modelling; bayesian VAR; monetary policy; fiscal policy economic system modelling; bayesian VAR; monetary policy; fiscal policy
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).
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Rezabek, P.; Doucek, P. Monetary and Fiscal Policy Interactions in the Czech Republic. Systems 2018, 6, 25.

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