Prague Economic Papers 2000, 9(1) | DOI: 10.18267/j.pep.62

Disinflation, supply shocks and monetary policy

Vratislav Izák

This paper reviews the main features of the Czech macroeconomic development in the last years with the accent on disinflation and real GDP. The adjustment path of the Czech economy is clear: The decrease in nominal GDP growth has caused a deceleration of inflation on the one side and a drop of growth rates of real GDP and later even a decline in the level of real GDP on the other side. Further the econometric investigation of relations between wages and labour productivity and net inflation, producer prices and gap has been made. As the main factors influencing the disinflation in the last quarters the index of raw materials and foodstuffs has been revealed. The analysis of the impact of real exchange rate on net exports concludes the paper.

Keywords: disinflation, net inflation, wages, productivity, exchange rate, vector autoregression

Published: January 1, 2000  Show citation

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Izák, V. (2000). Disinflation, supply shocks and monetary policy. Prague Economic Papers, 9(1), . doi: 10.18267/j.pep.62
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