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Transmission mechanisms of monetary policy in Armenia : evidence from VAR analysis /

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...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Dabla-Norris, Era (Autor), Floerkemeier, Holger (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, 2006.
Colección:IMF working paper ; WP/06/248.
Temas:
Acceso en línea:Texto completo

MARC

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245 1 0 |a Transmission mechanisms of monetary policy in Armenia :  |b evidence from VAR analysis /  |c prepared by Era Dabla-Norris and Holger Floerkemeier. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c 2006. 
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520 |a 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. 
504 |a Includes bibliographical references (pages 24-26). 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2010.  |5 MiAaHDL 
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505 0 |a Contents -- I. INTRODUCTION -- II. IMPEDIMENTS FOR MONETARY POLICY TRANSMISSION IN ARMENIA -- III. EMPIRICAL ANALYSIS -- IV. SUMMARY AND POLICY CONSIDERATIONS -- References 
546 |a English. 
590 |a ProQuest Ebook Central  |b Ebook Central Academic Complete 
650 0 |a Monetary policy  |z Armenia (Republic) 
650 0 |a Transmission mechanism (Monetary policy)  |z Armenia (Republic) 
650 6 |a Mécanismes de transmission (Politique monétaire)  |z Arménie. 
650 6 |a Politique monétaire  |z Arménie. 
650 7 |a Monetary policy  |2 fast 
650 7 |a Transmission mechanism (Monetary policy)  |2 fast 
651 7 |a Armenia (Republic)  |2 fast  |1 https://id.oclc.org/worldcat/entity/E39PBJp9mKY4fgRxdKTXWTYXVC 
700 1 |a Floerkemeier, Holger,  |e author. 
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776 0 8 |i Print version:  |a Dabla-Norris, Era.  |t Transmission mechanisms of monetary policy in Armenia.  |d Washington, D.C. : International Monetary Fund, Middle East and Central Asia Dept., ©2006  |w (OCoLC)124084180 
830 0 |a IMF working paper ;  |v WP/06/248. 
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