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Author/Editor:
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Poddar, Tushar ; Sab, Randa ; Khachatryan, Hasmik
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Publication Date:
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February 01, 2006
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Electronic Access:
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Free Full text
(PDF file size is 264KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper examines monetary transmission in Jordan using the vector autoregressive approach. We find that the real 3-month CD rate, the Central Bank's operating target, affects bank retail rates and that monetary policy, measured by the spread between the 3-month CD rate and the U.S. Federal Funds rate, is effective in influencing foreign reserves. We do not find evidence of monetary policy affecting output. Output responds very little to changes in bank lending rates. Furthermore, equity prices and the exchange rate are not significant channels for transmitting monetary policy to economic activity. The effect of monetary policy on the stock market seems insignificant.
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Order a print copy
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Series:
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Working Paper No. 06/48
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Subject(s):
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Monetary policy | Jordan | Bank rates | Foreign exchange reserves | Stock markets | Exchange rates | Economic models
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Author's Keyword(s):
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Jordan | monetary policy | transmission mechanism |
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English
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Publication Date:
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February 01, 2006
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA2006048
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Pages:
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28
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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