Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/227526 
Autor:innen: 
Erscheinungsjahr: 
2019
Quellenangabe: 
[Journal:] Review of Economic Perspectives [ISSN:] 1804-1663 [Volume:] 19 [Issue:] 3 [Publisher:] De Gruyter [Place:] Warsaw [Year:] 2019 [Pages:] 159-174
Verlag: 
De Gruyter, Warsaw
Zusammenfassung: 
We show an example of a small open economy - the Czech Republic - where the fiscal restriction was put in place between 2010 and 2013 in a negative output gap and zero lower bound on nominal interest rates. According to our results, such fiscal policy seems to have been mistaken, as the restriction may apparently have caused a second recession in the Czech Republic in 2012/2013 (after the global recession in 2008/2009). Instead of the dynamic stochastic general equilibrium approach (DSGE), we applied a tractable static deterministic partial equilibrium approach using the IS-LM framework. We derived mathematically from the IS-LM model that expansionary fiscal policy acting via higher government investment can be an appropriate tool for reacting to a crisis in the very short run when interest rates hit the zero lower bound. Expansionary fiscal policy after the 2008/2009 crisis would probably have led to faster stabilisation of the Czech economy. We simulate a potential increase in government investment of 8% yearly between 2011 and 2013. This would have added 0.4 pp to GDP growth and increased the inflation rate by about 0.5 pp. Hence, the inflation outlook in 2013 would not have been negative and would consequently have led to less pressure for monetary policy expansion using unconventional interventions against the Czech koruna.
Schlagwörter: 
IS-LM model
DSGE
zero lower bound
fiscal policy
monetary policy
JEL: 
E12
E41
E44
E62
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