LEADER 05323oam 22012374 450 001 9910969846103321 005 20250426110731.0 010 $a9786612844003 010 $a9781462319442 010 $a1462319440 010 $a9781452789415 010 $a145278941X 010 $a9781282844001 010 $a1282844008 010 $a9781451873382 010 $a1451873387 035 $a(CKB)3170000000055340 035 $a(SSID)ssj0000942132 035 $a(PQKBManifestationID)11502224 035 $a(PQKBTitleCode)TC0000942132 035 $a(PQKBWorkID)10971847 035 $a(PQKB)11529386 035 $a(OCoLC)539117965 035 $a(MiAaPQ)EBC1608811 035 $a(IMF)WPIEE2009191 035 $a(IMF)WPIEA2009191 035 $aWPIEA2009191 035 $a(EXLCZ)993170000000055340 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMonetary Policy and the Central Bank in Jordan /$fSamar Maziad 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a29 p. $cill 225 1 $aIMF Working Papers 300 $a"August 2009." 311 08$a9781451917628 311 08$a1451917627 327 $aIntro -- 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. 330 3 $aThe Central Bank of Jordan (CBJ) and its operational independence changed over time in line with the evolution of the monetary policy framework and as a result of the currency crisis in the late 1980s. The paper examines the developments of the CBJ, its independence in conducting monetary policy and the various instruments at its disposal, with special focus on the certificates of deposit (CDs) market, the main monetary policy instrument, and the treasury bill market. The paper also examines the issue of the autonomy of monetary policy in Jordan given the influence of world interest rates. Although, Jordan operates an exchange rate peg, which has been fixed to the USD since 1995, there is some room for flexibility in operating monetary policy in the short-run, where the CBJ has some autonomy in determining the spread between domestic and US interest rates. VAR and VECM results suggest that the response of the policy rate in Jordan to innovations in the US Federal Fund's rate is less than one-for-one. In the short-run, the CBJ appears to conduct monetary policy in response to domestic inflation and a measure of the domestic output gap. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/191 606 $aMonetary policy$zJordan$xEconometric models 606 $aFinancial crises$zJordan$xEconometric models 606 $aBanks and banking, Central$zJordan$xEconometric models 606 $aConventional peg$2imf 606 $aCurrency$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aEconomic theory$2imf 606 $aExchange rate arrangements$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Production$2imf 606 $aMonetary economics$2imf 606 $aMonetary policy frameworks$2imf 606 $aMonetary Policy$2imf 606 $aMonetary policy$2imf 606 $aMoney and Monetary Policy$2imf 606 $aOutput gap$2imf 606 $aProduction and Operations Management$2imf 606 $aProduction$2imf 606 $aPublic debt$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSovereign Debt$2imf 607 $aJordan$2imf 615 0$aMonetary policy$xEconometric models. 615 0$aFinancial crises$xEconometric models. 615 0$aBanks and banking, Central$xEconometric models. 615 7$aConventional peg 615 7$aCurrency 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aEconomic theory 615 7$aExchange rate arrangements 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aMacroeconomics 615 7$aMacroeconomics: Production 615 7$aMonetary economics 615 7$aMonetary policy frameworks 615 7$aMonetary Policy 615 7$aMonetary policy 615 7$aMoney and Monetary Policy 615 7$aOutput gap 615 7$aProduction and Operations Management 615 7$aProduction 615 7$aPublic debt 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSovereign Debt 676 $a332.4;332.45660953 700 $aMaziad$b Samar$01816462 712 02$aInternational Monetary Fund.$bStrategy, Policy, and Review Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910969846103321 996 $aMonetary Policy and the Central Bank in Jordan$94372551 997 $aUNINA