Měnová politika a její synchronizace s fiskální politikou: vliv na hospodářský růst a inflaci

Pavel Řežábek

Doctoral thesis

Abstract:

The dissertation deals with the interplay of fiscal and monetary policy in face of uncertainty about the estimation of the true output gap. Theoretical framework of the dissertation set this interplay of monetary and fiscal policy into the realm of game theory, in particularly non-cooperative games of the Nash and Stackelberg equilibrium, respectively. The theoretical framework continued with a description of various methods used for estimation of potential output and output gap, with a special emphasis on methods used in both the Czech National Bank and Czech Ministry of Finance. In the applied part of the dissertation, I studied the interplay of monetary and fiscal policy in the case of Czech economy facing an uncertainty about the estimation of the true output gap. I studied the impact of this interplay on major macroeconomic variables and I tried to determine, which of these two policies plays the role of a leader and which plays the role of a follower in the case of Czech economic environment.

Keywords

output gap, Stackelberg equilibrium, Nash equilibrium, monetary policy, Fiscal policy

Language used: Czech

Date on which the thesis was submitted / produced: 30. 9. 2005

Thesis defence

• Date of defence: 25. 9. 2009
• Supervisor: Jiří Schwarz
• Reader: Robert Holman, Luboš Komárek, Milan Šimáček

Vysoká škola ekonomická v Praze

Doctoral programme / field:
Hospodářská politika a správa / Hospodářská politika