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.

中文翻译：

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估算自然利率和均衡汇率：以捷克共和国为例

摘要文章探讨了估计自然自然利率和汇率，以构建适合捷克开放经济的货币条件指数。尽管基础利率和汇率具有无法观察到的特征，但参考指标对于货币政策的重要性至关重要。拟议的缺口状态货币状况指数在通货膨胀目标模型中考察了货币对经济和信贷周期的冲动。