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Volume 50, Issue 9

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Monetary and Fiscal Policies' Efficiency and the Determination of a Nominal Equilibrium Exchange Rate

Stavrev, Emil

Year: 2000   Volume: 50   Issue: 9   Pages: 452-463

Abstract: The author of this paper constructs a continuous time macro-econometric model of the Czech economy. The model is assembled as a system of twelve non-linear differential equations. The model is put into use to determine the nominal equilibrium exchange rate of the Czech koruna in a macro-economic framework. The paper also investigates the effectiveness of monetary and fiscal policies in the presence of a fixed exchange-rate regime and massive capital inflows. The search for an equilibrium point is outlined and stability and sensitivity analyses are provided, along with in-sample static and dynamic predictions with the approximate discrete analogue.

JEL classification: C51; C52; C53; E17; E50

Keywords: macro-econometric model; nominal equilibrium exchange rate; effectiveness of monetary and fiscal policies

RePEc: n/a

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