Transmission mechanisms of monetary policy in Armenia : evidence from VAR analysis / / prepared by Era Dabla-Norris and Holger Floerkemeier

• Autore: Dabla-Norris Era
• Pubblicazione: [Washington, D.C.], : International Monetary Fund, 2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (29 p.)
• Soggetto topico: Monetary policy - Armenia (Republic); Transmission mechanism (Monetary policy) - Armenia (Republic)
• Altri autori: FloerkemeierHolger
• Note generali: "November 2006."
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. IMPEDIMENTS FOR MONETARY POLICY TRANSMISSION IN ARMENIA""; ""III. EMPIRICAL ANALYSIS""; ""IV. SUMMARY AND POLICY CONSIDERATIONS""; ""References""
• Sommario/riassunto: This 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.
• Titolo autorizzato: Transmission Mechanisms of Monetary Policy in Armenia
• ISBN: 1-4623-9520-1; 1-4519-9742-6; 1-283-51589-X; 1-4519-0961-6; 9786613828347
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910811450103321
• Lo trovi qui: Univ. Federico II
• Serie: IMF working paper ; ; WP/06/248.