Monetary transmission mechanisms in Belarus /
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 th...
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Full text (MCPHS users only) |
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| Main Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
2006
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| Series: | IMF working paper ;
WP/06/246. |
| Subjects: | |
| Local Note: | ProQuest Ebook Central |
| 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. |
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| Physical Description: | 1 online resource (22 pages) |
| Format: | Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |
| Bibliography: | Includes bibliographical references. |
| ISBN: | 1283512122 9781283512121 9781451909593 1451909594 1462348785 9781462348787 1452768293 9781452768298 9786613824578 6613824577 |
| Language: | English. |
| Reproduction Note: | Electronic reproduction. |
| Source of Description, Etc. Note: | Print version record. |
| Action Note: | digitized |
