Estimating Natural Rate of Interest and Equilibrium Exchange Rate: A Case of the Czech Republic

IF 0.4 Q4 ECONOMICS Review of Economic Perspectives Pub Date : 2019-12-01 DOI:10.2478/revecp-2019-0013
Zdeněk Pikhart, Pavla Froňková
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Abstract

Abstract Article deals with estimating real natural interest rate and exchange rate to construct monetary conditions index suitable for the Czech open economy. Despite unobservable characteristics of underlying interest rates and exchange rate, the importance of reference indicators for monetary policy is crucial. Proposed monetary condition index in gap form examines monetary impulse on economic and credit cycle in inflation targeting model.
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估算自然利率与均衡汇率:以捷克共和国为例
摘要本文通过估算实际自然利率和汇率来构建适合捷克开放经济的货币条件指标。尽管基本利率和汇率具有不可观察的特点,但参考指标对货币政策的重要性至关重要。提出了缺口形式的货币状况指数,考察了通货膨胀目标制模型中货币对经济周期和信贷周期的影响。
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来源期刊
CiteScore
1.40
自引率
0.00%
发文量
10
审稿时长
38 weeks
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