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Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls


  • Mokhtar Benlamine
  • Ales Bulir
  • Meryem Farouki
  • Ágnes Horváth
  • Faical Hossaini
  • Hasnae El Idrissi
  • Zineb Iraoui
  • Mihály Kovács
  • Douglas Laxton
  • Anass Maaroufi
  • Katalin Szilágyi
  • Mohamed Taamouti
  • David Vávra


The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime.

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  • Mokhtar Benlamine & Ales Bulir & Meryem Farouki & Ágnes Horváth & Faical Hossaini & Hasnae El Idrissi & Zineb Iraoui & Mihály Kovács & Douglas Laxton & Anass Maaroufi & Katalin Szilágyi & Mohamed Taam, 2018. "Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls," IMF Working Papers 18/27, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:18/27

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    References listed on IDEAS

    1. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2005. "The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility," The Review of Economics and Statistics, MIT Press, vol. 87(3), pages 423-438, August.
    2. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005. "When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Chapters,in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82 National Bureau of Economic Research, Inc.
    3. Michael W. Klein & Jay C. Shambaugh, 2015. "Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy," American Economic Journal: Macroeconomics, American Economic Association, vol. 7(4), pages 33-66, October.
    4. Mthuli Ncube & Zuzana Brixiova, 2013. "Remittances and their Macroeconomic Impact," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 14(4), pages 1-20, October.
    5. Maurice Obstfeld & Alan M. Taylor, 1998. "The Great Depression as a Watershed: International Capital Mobility over the Long Run," NBER Chapters,in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 353-402 National Bureau of Economic Research, Inc.
    6. Obstfeld, Maurice & Rogoff, Kenneth, 1995. "Exchange Rate Dynamics Redux," Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 624-660, June.
    7. Sara, BENAZZI & Imane, ROUIESSI, 2017. "Analyse de la concurrence bancaire au Maroc : Approche de Panzar et Rosse," Document de travail 2017-1, Bank Al-Maghrib, Département de la Recherche.
    8. Maurice Obstfeld & Kevin Clinton & Ondra Kamenik & Douglas Laxton & Yulia Ustyugova & Hou Wang, 2016. "How to Improve Inflation Targeting in Canada," IMF Working Papers 16/192, International Monetary Fund.
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    Cited by:

    1. Junankar, Pramod N. (Raja), 2019. "Monetary Policy, Growth and Employment in Developing Areas: A Review of the Literature," IZA Discussion Papers 12197, Institute of Labor Economics (IZA).


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