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Czasopismo
2016 | nr 5 | 395--434
Tytuł artykułu

Modelling Monetary Transmission in Less Developed Emerging Markets : the Case of Tunisia

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This paper exploits a case study of a country belonging to a group of less developed emerging markets (LDEMEs). This group has features which challenge standard New-Keynesian (NK) assumptions. These are: underdeveloped and shallow financial market, uncompetitive labour market, informal economy, weak institutions, problematic central bank independence, state ownership and controls, monetary policy targeting multiple variables. To overcome problems which might arise from using standard models, the paper proposes a complex strategy of modelling monetary transmission in LDEMEs: (i) SVARs which reflect the central bank's simultaneous recourse to multiple policy instruments and targets, and (ii) NK structural models, which capture such features as an immature financial market, exchange rate interventions, and price subsidies. This way, a range of possible reactions of basic macroeconomic variables to monetary policy instruments is obtained. Such approach, combining multiple econometric techniques, reduces uncertainty concerning specification, parameters and equilibria. (original abstract)
Czasopismo
Rocznik
Numer
Strony
395--434
Opis fizyczny
Twórcy
  • Narodowy Bank Polski; Institute for Market, Consumption and Business Cycles Research
autor
  • Narodowy Bank Polski
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171442972

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