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MACROECONOMIC CONSEQUENCES OF A COMMON AGRICULTURAL POLICY BUDGET REDUCTION FOR THE CZECH ECONOMY – A GENERAL EQUILIBRIUM APPROACH

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Kristková Z.

Ekonomický časopis (Journal of Economics)

2011

vol. 59

issue 8

802 – 822

The objective of this paper is to quantify the impact of selected scenarios of a Common Agricultural Policy (CAP) budget reduction on the macroeconomic equilibrium of the Czech economy with the use of a dynamic general equilibrium model. The findings show that in the short term, a reduction in direct payments (1st pillar) is more harmful for the economy than the removal of investment subsidies (2nd pillar); this is completely reversed in the long term, in which the removal of investment subsidies leads to a considerably stronger decline in economic growth.

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1 Ekonomický časopis (Journal of Economics)

1 Kristková Z.

1 2011

Search results

MACROECONOMIC CONSEQUENCES OF A COMMON AGRICULTURAL POLICY BUDGET REDUCTION FOR THE CZECH ECONOMY – A GENERAL EQUILIBRIUM APPROACH