Original title: Economic research bulletin (2004, No.2)
Authors: Česká národní banka
Document type: Trade print
ISSN: 1803-7089
Year: 2004
Language: eng
Abstract: First, they look at the cyclically adjusted fiscal balance. Could we expect any contribution of Czech fiscal policy to smoothing macroeconomic fluctuations, or does it in fact display pro-cyclical features? Second, the authors calculate quasi-fiscal deficits caused by the specific costs of economic transition, such as financing enterprise restructuring or cleaning up commercial banks’ balance sheets, which are not officially included in the budgetary system. The issue is to quantify the extent to which the “official” information on overall fiscal outlays is downward-biased. Finally, there is the impact of population ageing, which the central bank must anticipate when assessing the interplay between monetary and fiscal policies. What would happen without immediate reform of the pension and health care system?
Keywords: business cycle; Czech national bank; economic research; fiscal policy; monetary policy; ekonomický výzkum; fiskální politika; hospodářský cyklus; monetární politika
Rights: This work is protected under the Copyright Act No. 121/2000 Coll.

Institution: The Czech National Bank (web)
External URL: http://www.cnb.cz/en/research/research_publications/erb/index.html

Permalink: http://www.nusl.cz/ntk/nusl-124077


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