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Requirements for Using Interest Rates As An Operating Target for Monetary Policy:The Case of Tunisia

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Author Info

  • Alain Durré
  • Bernard Laurens
  • Alexandre Chailloux

Abstract

This paper discusses the use of interest rates as the operating target for monetary policy in Tunisia and the roadmap for establishing the other building blocks of an inflation targeting framework. It argues that strengthening the effectiveness of the current monetary policy framework will facilitate the adoption of inflation targeting over time.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/149.

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Length: 45
Date of creation: 01 Jul 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/149

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Related research

Keywords: Monetary policy; Monetary operations; Economic models; Economic reforms; Financial sector; Inflation targeting; Interest rates; Liquidity management; Money markets; inflation; money market; monetary base; central bank; monetary aggregate; foreign exchange; price stability; monetary fund; money base; foreign currency; money supply; inflation target; monetary policy framework; government securities; monetary policy instrument; monetary policy decisions; monetary shock; annual inflation; monetary policy decision; inflation rate; aggregate demand; monetary program; price level; monetary framework; monetary policy implementation; annual inflation rate; rational expectations; monetary instruments; monetary policy instruments; monetary management; monetary targeting; transmission of monetary policy; monetary financing; money growth; macroeconomic stability; demand for money; measure of inflation; control of inflation; monetary frameworks; inflation targeting framework; inflation forecasts; monetary economics; monetary indicators; monetary policy transmission mechanisms; money demand; monetary transmission; monetary policy rules; monetary authorities; inflation objective; monetary shocks; relative prices; stable price; inflationary shock; monetary policy strategy; monetary transmission process; government securities market; domestic monetary policy; inflation-targeting; monetary targets; low inflation; monetary aggregates; liquidity ratio; monetary policy reaction function; money market interest rate; monetary sector; monetary liability; open market operations; stable prices; reserve requirement; independent monetary policy; holdings of government securities; aggregate demand effects; monetary target; treasury securities; real interest rate; monetary instrument; real money; treasury bonds; relative price; monetary policy regime; monetary stability;

This paper has been announced in the following NEP Reports:

References

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  1. Magda Kandil, 2006. "On the Transmission Mechanism of Policy Shocks in Developing Countries," Oxford Development Studies, Taylor & Francis Journals, vol. 34(2), pages 117-149.
  2. Donald W.K. Andrews, 1988. "Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation," Cowles Foundation Discussion Papers 877R, Cowles Foundation for Research in Economics, Yale University, revised Jul 1989.
  3. Joannes Mongardini & Tahsin Saadi-Sedik, 2003. "Estimating Indexes of Coincident and Leading Indicators," IMF Working Papers 03/170, International Monetary Fund.
  4. Chow, Gregory C & Lin, An-loh, 1971. "Best Linear Unbiased Interpolation, Distribution, and Extrapolation of Time Series by Related Series," The Review of Economics and Statistics, MIT Press, vol. 53(4), pages 372-75, November.
  5. Richard Clarida & Jordi Gali & Mark Gertler, 1998. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," NBER Working Papers 6442, National Bureau of Economic Research, Inc.
  6. Lars E. O. Svensson, 2003. "What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," NBER Working Papers 9421, National Bureau of Economic Research, Inc.
  7. Benbouziane, Mohamed & Benamar, Abdelhak, 2004. "The relationship between money and prices in the maghreb countries: a cointegration analysis," MPRA Paper 12741, University Library of Munich, Germany.
  8. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
  9. Bernard Laurens & Marco Arnone & Jean-François Segalotto, 2006. "The Measurement of Central Bank Autonomy," IMF Working Papers 06/227, International Monetary Fund.
  10. Stefan Gerlach, 2007. "Interest Rate Setting by the ECB, 1999-2006: Words and Deeds," International Journal of Central Banking, International Journal of Central Banking, vol. 3(3), pages 1-46, September.
  11. Bernard Laurens & Martin Sommer & Marco Arnone & Jean-François Segalotto, 2007. "Central Bank Autonomy," IMF Working Papers 07/88, International Monetary Fund.
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Citations

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Cited by:
  1. Imen Mohamed Sghaier & Zouheir Abida, 2013. "Monetary Policy Rules for a Developing Countries: Evidence from Tunisia," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 5(1), pages 035-046, June.

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