Počet záznamů: 1
Monetary and fiscal policy interactions in an emerging open economy: a non-Ricardian DSGE approach
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SYSNO ASEP 0376655 Druh ASEP V - Výzkumná zpráva Zařazení RIV Záznam nebyl označen do RIV Název Monetary and fiscal policy interactions in an emerging open economy: a non-Ricardian DSGE approach Tvůrce(i) Algozhina, Aliya (NHU-C) RID Vyd. údaje Prague: CERGE-EI, 2012 ISSN 1211-3298 Edice CERGE-EI Working Paper Series Č. sv. edice 476 Poč.str. 28 s. Forma vydání Tištěná - P Jazyk dok. eng - angličtina Země vyd. CZ - Česká republika Klíč. slova monetary policy ; fiscal policy ; emerging open economy Vědní obor RIV AH - Ekonomie CEP SVV 265801/2012 GA MŠMT - Ministerstvo školství, mládeže a tělovýchovy Institucionální podpora NHU-C - PRVOUK-P23 Anotace The monetary and fiscal policy interactions have gained a new research interest after the 2008 crisis due to the global increase of fiscal debt. This paper constructs a macroeconomic model of joint fiscal and monetary policy for an emerging open economy taking into account its structural uniqueness. In particular, the two instruments of monetary policy, interest rate and foreign exchange intervention, the two instruments of fiscal policy, public consumption and public investment, the two types of households, optimizers and rule-of-thumb individuals, and a foreign debt via collateral constraint are modeled here in a single DSGE framework. The parameters are calibrated for the case of Hungary using data over 1995Q1-2011Q3. The impulse response functions to public investment, public consumption, and interest rate shocks reveal some unconventional findings in favor of the fiscal theory of price level as opposed to the traditional monetarist doctrine. Pracoviště Národohospodářský ústav - CERGE Kontakt Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Rok sběru 2014 Elektronická adresa http://www.cerge-ei.cz/pdf/wp/Wp476.pdf
Počet záznamů: 1