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035   $a(IMF)WPIEE2006248
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100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aTransmission Mechanisms of Monetary Policy in Armenia : $eEvidence from VAR Analysis /$fEra Dabla-Norris, Holger Floerkemeier
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (29 p.)
225 1 $aIMF Working Papers
300   $a"November 2006."
311   $a1-4518-6508-2 
327   $a""Contents""; ""I. INTRODUCTION""; ""II. IMPEDIMENTS FOR MONETARY POLICY TRANSMISSION IN ARMENIA""; ""III. EMPIRICAL ANALYSIS""; ""IV. SUMMARY AND POLICY CONSIDERATIONS""; ""References""
330 3 $aThis paper examines monetary policy transmission in Armenia in light of the authorities' intention to shift to an inflation-targeting regime over the medium term. We find that the capability of monetary policy to influence economic activity and inflation is still limited, as important channels of monetary transmission are not fully functional. In particular, the interest rate channel remains weak, even though there is some evidence of transmission to prices of changes in the repo rate, the central bank's new operating target for inflation. As in other emerging and transition economies with a high degree of dollarization, the exchange rate channel has a strong impact on the inflation rate. Moreover, we find that inflation does respond to broad money shocks, once foreign currency deposits are included.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/248
606   $aMonetary policy$zArmenia (Republic)
606   $aTransmission mechanism (Monetary policy)$zArmenia (Republic)
606   $aBanks and Banking$2imf
606   $aForeign Exchange$2imf
606   $aMoney and Monetary Policy$2imf
606   $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf
606   $aMonetary Systems$2imf
606   $aStandards$2imf
606   $aRegimes$2imf
606   $aGovernment and the Monetary System$2imf
606   $aPayment Systems$2imf
606   $aBanks$2imf
606   $aDepository Institutions$2imf
606   $aMicro Finance Institutions$2imf
606   $aMortgages$2imf
606   $aMonetary economics$2imf
606   $aCurrency$2imf
606   $aForeign exchange$2imf
606   $aBanking$2imf
606   $aExchange rates$2imf
606   $aBank credit$2imf
606   $aMonetary aggregates$2imf
606   $aCurrencies$2imf
606   $aCredit$2imf
606   $aMoney supply$2imf
606   $aMoney$2imf
606   $aBanks and banking$2imf
607   $aArmenia, Republic of$2imf
615  0$aMonetary policy
615  0$aTransmission mechanism (Monetary policy)
615  7$aBanks and Banking
615  7$aForeign Exchange
615  7$aMoney and Monetary Policy
615  7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General
615  7$aMonetary Systems
615  7$aStandards
615  7$aRegimes
615  7$aGovernment and the Monetary System
615  7$aPayment Systems
615  7$aBanks
615  7$aDepository Institutions
615  7$aMicro Finance Institutions
615  7$aMortgages
615  7$aMonetary economics
615  7$aCurrency
615  7$aForeign exchange
615  7$aBanking
615  7$aExchange rates
615  7$aBank credit
615  7$aMonetary aggregates
615  7$aCurrencies
615  7$aCredit
615  7$aMoney supply
615  7$aMoney
615  7$aBanks and banking
700   $aDabla-Norris$b Era$01462136
701   $aFloerkemeier$b Holger$01574032
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788407603321
996   $aTransmission Mechanisms of Monetary Policy in Armenia$93850047
997   $aUNINA