Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2015.1059073
Monetary and fiscal policy mix in a small open economy: the case of Croatia
Tomislav Ćorić
Hrvoje Šimović
orcid.org/0000-0002-4040-0899
Milan Deskar-Škrbić
orcid.org/0000-0002-7611-2071
Sažetak
In this article we use a structural vector autoregression (VAR) model to analyse the possibilities of monetary and fiscal policy in achieving main economic policy goals, namely price stability and economic growth, in Croatia from 2004 to 2012. Our main results indicate that expansionary monetary and fiscal policies both have positive
effects on economic activity. On the other hand, fiscal expansion leads to nominal exchange rate appreciation while monetary expansion has depreciation effects on nominal exchange rate. Thus the main conclusion of the article is that coordinated measures
of monetary and fiscal policies could achieve both goals, i.e. that fiscal and monetary authorities can stimulate economic growth without endangering price stability.
Ključne riječi
monetary policy; fiscal policy; SVAR; Croatia
Hrčak ID:
171538
URI
Datum izdavanja:
20.12.2015.
Posjeta: 2.400 *