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Effets sectoriels de la politique monétaire et activité économique: cas du Maroc

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  • Charaf-Eddine Moussir

    (UM5 - Université Mohammed V de Rabat [Agdal])

Abstract

The effects of monetary policy on economic performance have long attracted the attention of economists and policy makers. The literature identifies different ways of understanding the monetary transmission mechanisms. They vary according to the importance given to interest rates, credits, exchange rates, asset prices and other financial institutions in the transmission mechanism. The purpose of this paper is to shed more light on the existence of significant differences in the reactions of Moroccan sectors to monetary policy shocks. The results of the analysis indicate that at the aggregate level a monetary policy tightening leads to a decrease of the overall GDP and price level. At the disaggregated level, the extraction industry, manufacturing, construction, hotels & restaurants, the financial and insurance activities are among the more sensitive sectors to monetary policy shocks. On the other hand monetary policy innovations do not appear to have an adverse impact on agriculture and fishing sectors.

Suggested Citation

  • Charaf-Eddine Moussir, 2017. "Effets sectoriels de la politique monétaire et activité économique: cas du Maroc," Post-Print hal-01449490, HAL.
    • Handle: RePEc:hal:journl:hal-01449490
    Note: View the original document on HAL open archive server: https://hal.science/hal-01449490
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    References listed on IDEAS

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    1. Dorothy Nampewo & Ezra Munyambonera & Musa Mayanja Lwanga, 2013. "Sectoral effects of monetary policy in Uganda," Journal of Statistical and Econometric Methods, SCIENPRESS Ltd, vol. 2(4), pages 1-2.
    2. Pablo Fajnzylber & J. Humberto López, 2008. "Remittances and Development : Lessons from Latin America," World Bank Publications - Books, The World Bank Group, number 6911, December.
    3. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    4. Joe Ganley & Chris Salmon, 1997. "The Industrial Impact of Monetary Policy Shocks: Some Stylised Facts," Bank of England working papers 68, Bank of England.
    5. Maurizio Bussolo & María Soledad Martínez Peria & César Calderón & Yira Mascaró & Mette E. Nielsen & Pablo Acosta & J. Humberto López & Çaglar Özden & Yoko Niimi & Luis Molina & Florencia Moizeszowicz, 2008. "Remittances and Development: Lessons from Latin America," IDB Publications (Books), Inter-American Development Bank, number 59678 edited by J. Humberto López & Pablo Fajnzylber, February.
    6. John B. Taylor, 1995. "The Monetary Transmission Mechanism: An Empirical Framework," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 11-26, Fall.
    7. repec:idb:brikps:59678 is not listed on IDEAS
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Sectoral Effects of Monetary Policy: Evidence from Morocco
      by pmakdissi in NEP-ARA blog on 2017-03-11 22:52:21

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    More about this item

    Keywords

    Monetary policy; Sectoral output; vector auto regression (VAR); Impulse response functions; Morocco; Politique monétaire; Production sectorielle; Modèle Vectoriel autorégressif; Fonctions de réponse impulsionnelle; Maroc;
    All these keywords.

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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