Interakce fiskální a monetární politiky v reakci na ekonomické šoky

Abstract

This thesis examines the interaction between fiscal and monetary policy in response to economic shocks in the Czech Republic over the period 1998–2024. It focuses on assessing how both policies respond not only to external macroeconomic shocks, but also to shocks induced by the actions of the other authority. The theoretical part defines the key concepts of economic policy and introduces the main analytical approaches to evaluating its coordination, with particular emphasis on the Structural Vector Autoregressive (SVAR) model, which is subsequently applied in the empirical section. The empirical analysis employs an SVAR model with sign restrictions based on the methodologies of Mountford and Uhlig (2009) and Azad et al. (2021), using six key macroeconomic variables. The results confirm that monetary policy tends to behave counter-cyclically, whereas fiscal policy shows a limited and short-term response. In the case of a fiscal expansion, monetary policy reacts with a time lag, indicating the existence of mutual interaction between the two policies. When a shock originates from a third party, both monetary and fiscal authorities respond, and their actions appear to be complementary.