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Article

Monetary and Fiscal Policy Interactions in the Czech Republic

by 1 and 2,*
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.
Systems 2018, 6(2), 25; https://doi.org/10.3390/systems6020025
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)
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
MDPI and ACS Style

Rezabek, P.; Doucek, P. Monetary and Fiscal Policy Interactions in the Czech Republic. Systems 2018, 6, 25. https://doi.org/10.3390/systems6020025

AMA Style

Rezabek P, Doucek P. Monetary and Fiscal Policy Interactions in the Czech Republic. Systems. 2018; 6(2):25. https://doi.org/10.3390/systems6020025

Chicago/Turabian Style

Rezabek, Pavel, and Petr Doucek. 2018. "Monetary and Fiscal Policy Interactions in the Czech Republic" Systems 6, no. 2: 25. https://doi.org/10.3390/systems6020025

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