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010   $a9786613828347
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035   $a(IMF)WPIEE2006248
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100   $a20061003d2006      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aTransmission mechanisms of monetary policy in Armenia $eevidence from VAR analysis /$fprepared by Era Dabla-Norris and Holger Floerkemeier
205   $a1st ed.
210   $a[Washington, D.C.] $cInternational Monetary Fund$d2006
215   $a1 online resource (29 p.)
225 1 $aIMF working paper ;$vWP/06/248
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 paper ;$vWP/06/248.
606   $aMonetary policy$zArmenia (Republic)
606   $aTransmission mechanism (Monetary policy)$zArmenia (Republic)
615  0$aMonetary policy
615  0$aTransmission mechanism (Monetary policy)
700   $aDabla-Norris$b Era$01609994
701   $aFloerkemeier$b Holger$01691020
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910811450103321
996   $aTransmission Mechanisms of Monetary Policy in Armenia$94067113
997   $aUNINA