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@inproceedings{1313116,
author = {Baďo, Peter and Reichel, Vlastimil and Hloušek, Miroslav},
address = {Brno},
booktitle = {Proceedings of 18th International Conference Enterprise and Competitive Environment},
editor = {Kapounek, S.},
keywords = {structural vector autoregression; fiscal and monetary policy; debt},
howpublished = {elektronická verze "online"},
language = {eng},
location = {Brno},
isbn = {978-80-7509-342-4},
pages = {27-35},
publisher = {Mendel University},
title = {The Effects of Fiscal Policy on Business Cycle: Evidence from SVAR Model with Debt Constraints},
url = {https://ece.pefka.mendelu.cz/sites/default/files/ece_2015_final.pdf},
year = {2015}
}
TY - JOUR
ID - 1313116
AU - Baďo, Peter - Reichel, Vlastimil - Hloušek, Miroslav
PY - 2015
TI - The Effects of Fiscal Policy on Business Cycle: Evidence from SVAR Model with Debt Constraints
PB - Mendel University
CY - Brno
SN - 9788075093424
KW - structural vector autoregression
KW - fiscal and monetary policy
KW - debt
UR - https://ece.pefka.mendelu.cz/sites/default/files/ece_2015_final.pdf
L2 - https://ece.pefka.mendelu.cz/sites/default/files/ece_2015_final.pdf
N2 - This paper is focused on macroeconomic effects of fiscal and monetary policy in the Czech economy. We are using a Structural Vector Autoregression model (SVAR) for small open economy. The model includes six variables, specifically: government spending, government revenues, inflation, GDP, exchange and interest rates. Furthermore, the model is enriched with debt constraints over time. We investigate the dynamic responses of output, inflation and the interest rate to changes in government spending and revenues and analyze the contribution of shocks to business cycle in the Czech economy for the period 1999:Q1 – 2014:Q1. The results for the Czech economy are similar to the results for other small open economies described in current literature. Fiscal policy during the estimated period is analyzed through historical shock decomposition. Our findings are that GDP decreases in reaction to fiscal shock and monetary variables show negligible reaction to the same shock. We identified the periods of business cycle, where the effects of fiscal policy were procyclical and countercyclical.
ER -
BAĎO, Peter, Vlastimil REICHEL a Miroslav HLOUŠEK. The Effects of Fiscal Policy on Business Cycle: Evidence from SVAR Model with Debt Constraints. Online. In Kapounek, S. \textit{Proceedings of 18th International Conference Enterprise and Competitive Environment}. Brno: Mendel University, 2015, s.~27-35. ISBN~978-80-7509-342-4.
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