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A Small Scale Macroeconomic Model for Morocco

Author

Listed:
  • Youssef OUKHALLOU

    (Mohammed V University of Rabat, The Faculty of Economics & Law, Agdal, Applied Economics Laboratory, Morocco.)

  • Abla MRABTI

    (Mohammed V University of Rabat, The Faculty of Economics & Law, Agdal, Applied Economics Laboratory, Morocco.)

Abstract

In this research paper, we build a New Keynesian reduced-form macroeconomic model for Morocco. The model encompasses three main blocks: an aggregate demand equation (IS curve), a price-setting equation (Phillips curve) and a Taylor-type monetary policy rule. In our model, we consider a significant forward-looking component when explaining inflation dynamics, which enables us to include agent s expectations. The downstream aim of this work is to provide the research community with new possibilities in terms of economic workhorse modelling, particularly for monetary policy analysis purposes.

Suggested Citation

  • Youssef OUKHALLOU & Abla MRABTI, 2017. "A Small Scale Macroeconomic Model for Morocco," Journal of Economics and Political Economy, EconSciences Journals, vol. 4(2), pages 159-177, June.
    • Handle: RePEc:cvv:journ1:v:4:y:2017:i:2:p:159-177
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    References listed on IDEAS

    as
    1. Jaromír Beneš & Jaromír Hurník & David Vávra, 2008. "Exchange Rate Management and Inflation Targeting: Modeling the Exchange Rate in Reduced-Form New Keynesian Models," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 58(03-04), pages 166-194, May.
    2. Tanuwidjaja, Enrico & Choy, Keen Meng, 2006. "Central bank credibility and monetary policy in Indonesia," Journal of Policy Modeling, Elsevier, vol. 28(9), pages 1011-1022, December.
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E47 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Forecasting and Simulation: Models and Applications

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