|
|
|
|
|
|
Author/Editor:
|
Horváth, Balázs ; Maino, Rodolfo
|
|
|
|
|
|
Publication Date:
|
November 01, 2006
|
|
|
|
Electronic Access:
|
Free Full text
(PDF file size is 427KB).
Use the free
Adobe Acrobat Reader
to view this PDF file
Link to data for this title.
(ZIP file size is 23KB).
|
|
|
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
|
|
|
|
|
Summary:
We explore monetary policy transmission by estimating VAR impulse response functions to illustrate the Belarusian economy's response to unexpected changes in policy and exogenous variables. We find a significant exchange rate pass-through to prices, and interest rate policy following, rather than leading, financial market developments. Our estimated monetary policy reaction function shows the central bank striking a balance between real exchange rate stability and containing inflation. We discuss dollarization, administrative interventions, and other features complicating monetary policy transmission, review specific constraints and vulnerabilities, and conclude with observations on possible measures that could raise the effectiveness of monetary policy in Belarus.
|
|
|
|
Order a print copy
|
|
|
|
|
|
Series:
|
Working Paper No. 06/246
|
|
|
|
|
|
Subject(s):
|
Monetary policy | Belarus | Inflation | Prices | Interest rate policy | Dollarization | Economic models
|
|
|
Author's Keyword(s):
|
Monetary policy | inflation | transmission mechanisms | dollarization |
|
|
|
|
|
|
|
|
|
|
English
|
|
|
|
|
|
|
Publication Date:
|
November 01, 2006
|
|
|
|
|
ISBN/ISSN:
|
1934-7073
|
|
Format:
|
Paper
|
|
Stock No:
|
WPIEA2006246
|
|
Pages:
|
22
|
|
Price:
|
|
|
|
US$18.00 )
|
|
|
|
|
|
|
|
|
Please address any questions about this title to
publications@imf.org
|
|
|
