00458cac0 22001811 450 LAEC0002211720110502112919.020110502f0000 |||||ita|0103 baITb TreITUNISOB20110502RICALAEC00022117C 121 Collana SBNCTre1579222UNISOB001E6002000177902001 Finale apertovita scritta da se stesso05323oam 22012374 450 991096984610332120250426110731.09786612844003978146231944214623194409781452789415145278941X9781282844001128284400897814518733821451873387(CKB)3170000000055340(SSID)ssj0000942132(PQKBManifestationID)11502224(PQKBTitleCode)TC0000942132(PQKBWorkID)10971847(PQKB)11529386(OCoLC)539117965(MiAaPQ)EBC1608811(IMF)WPIEE2009191(IMF)WPIEA2009191WPIEA2009191(EXLCZ)99317000000005534020020129d2009 uf 0engurcn|||||||||txtccrMonetary Policy and the Central Bank in Jordan /Samar Maziad1st ed.Washington, D.C. :International Monetary Fund,2009.29 p. illIMF Working Papers"August 2009."9781451917628 1451917627 Intro -- Table of Contents -- I. Introduction -- II. The Monetary framework and the impact of the currency crisis -- III. CBJ independence and monetary policy -- IV. Monetary policy instruments and operations -- V. Monetary policy autonomy -- VI. Conclusion -- Appendix -- Chart 1: VAR estimation impuls response function -- Table 1: VECM estimation -- Table 2: VECM variance decomposition of policy rate in Jordan.The Central Bank of Jordan (CBJ) and its operational independence changed over time in line with the evolution of the monetary policy framework and as a result of the currency crisis in the late 1980s. The paper examines the developments of the CBJ, its independence in conducting monetary policy and the various instruments at its disposal, with special focus on the certificates of deposit (CDs) market, the main monetary policy instrument, and the treasury bill market. The paper also examines the issue of the autonomy of monetary policy in Jordan given the influence of world interest rates. Although, Jordan operates an exchange rate peg, which has been fixed to the USD since 1995, there is some room for flexibility in operating monetary policy in the short-run, where the CBJ has some autonomy in determining the spread between domestic and US interest rates. VAR and VECM results suggest that the response of the policy rate in Jordan to innovations in the US Federal Fund's rate is less than one-for-one. In the short-run, the CBJ appears to conduct monetary policy in response to domestic inflation and a measure of the domestic output gap.IMF Working Papers; Working Paper ;No. 2009/191Monetary policyJordanEconometric modelsFinancial crisesJordanEconometric modelsBanks and banking, CentralJordanEconometric modelsConventional pegimfCurrencyimfDebt ManagementimfDebtimfDebts, PublicimfEconomic theoryimfExchange rate arrangementsimfForeign ExchangeimfForeign exchangeimfMacroeconomicsimfMacroeconomics: ProductionimfMonetary economicsimfMonetary policy frameworksimfMonetary PolicyimfMonetary policyimfMoney and Monetary PolicyimfOutput gapimfProduction and Operations ManagementimfProductionimfPublic debtimfPublic finance & taxationimfPublic FinanceimfSovereign DebtimfJordanimfMonetary policyEconometric models.Financial crisesEconometric models.Banks and banking, CentralEconometric models.Conventional pegCurrencyDebt ManagementDebtDebts, PublicEconomic theoryExchange rate arrangementsForeign ExchangeForeign exchangeMacroeconomicsMacroeconomics: ProductionMonetary economicsMonetary policy frameworksMonetary PolicyMonetary policyMoney and Monetary PolicyOutput gapProduction and Operations ManagementProductionPublic debtPublic finance & taxationPublic FinanceSovereign Debt332.4;332.45660953Maziad Samar1816462International Monetary Fund.Strategy, Policy, and Review Dept.DcWaIMFBOOK9910969846103321Monetary Policy and the Central Bank in Jordan4372551UNINA