Empirical Analysis of Monetary Transmission in Tunisia: What do SVAR Models Tell Us?
AbstractMonetary policy contributes to stabilize growth. Particularly in a reforming context for financial and economic activities, it is important to know how central bankers’ decisions through the short term interest rate of the money market are transmitted to the real variables: the GDP and the inflation. Few studies on monetary transmission mechanisms deal with the Maghreb countries. Structural VAR are used to investigate the importance of various monetary transmission channels at a macro scale from convenient impulse response functions. As a result, the Tunisian central bank should mainly target inflation, focussing the interest rate channel and the long-term interest rate as the principal transmission variable.
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Bibliographic InfoPaper provided by Paris Dauphine University in its series Economics Papers from University Paris Dauphine with number 123456789/269.
Date of creation: Jan 2009
Date of revision:
Publication status: Published in Open Economics Journal, 2009, Vol. 2. pp. 1-9.Length: 8 pages
Inflation; Output; Transmission channels; SVAR modelling; Impulse responses function;
Find related papers by JEL classification:
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
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