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What Can We Learn About the Monetary Policy Transmission Mechanism? Evidence from a Peripheral Country After a Political Revolution and COVID-19

Author

Listed:
  • Abdelkader Aguir

    (ESPI - Ecole Supérieure des Professions Immobilières)

  • Nesrine Dardouri

    (USO - جامعة سوسة = Université de Sousse = University of Sousse)

Abstract

Interest in empirical studies of monetary policy has grown over the past decade, and particularly since the post COVID-19 pandemic period characterized by a surge in inflation rates in every corner of the globe. Against this backdrop, central banks' traditional inflation forecast framework has been challenged, leading to renewed analysis of the monetary policy transmission mechanism. Focusing on Tunisia, an emerging small open economy subjected to external shocks, this study focuses on the role played by the monetary authority in the conduct of Tunisia's monetary policy over the period from 2000 to 2024. This period is characterized by a deceleration of growth and an increase in inflation and unemployment. This work shows also how a VAR model with long-run restrictions justified by economic theory can be usefully applied in the analysis of monetary policy; the effects of the money market rate and other shocks; the relationship between prices and the nominal effective exchange rate; and the relationship between inflation and the output gap.

Suggested Citation

  • Abdelkader Aguir & Nesrine Dardouri, 2025. "What Can We Learn About the Monetary Policy Transmission Mechanism? Evidence from a Peripheral Country After a Political Revolution and COVID-19," Post-Print hal-05290329, HAL.
    • Handle: RePEc:hal:journl:hal-05290329
    DOI: 10.3390/economies13100286
    Note: View the original document on HAL open archive server: https://hal.science/hal-05290329v1
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    JEL classification:

    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • Z18 - Other Special Topics - - Cultural Economics - - - Public Policy

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