Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls / Mokhtar Benlamine, Aleš Bulíř, Meryem Farouki, Ágnes Horváth, Faical Hossaini, Hasnae El Idrissi, Zineb Iraoui, Mihály Kovács, Douglas Laxton, Anass Maaroufi, Katalin Szilágyi, Mohamed Taamouti, David Vávra.

Format:

Book

Government document

Author/Creator:

Benlamine, Mokhtar.

Contributor:

Bulíř, Aleš.

El Idrissi, Hasnae.

Farouki, Meryem.

Horváth, Ágnes.

Hossaini, Faical.

Iraoui, Zineb.

International Monetary Fund, issuing body.

Series:

IMF Working Papers; Working Paper ; No. 2018/027

IMF Working Papers

Language:

English

Subjects (All):

International Monetary Fund--Morocco.

International Monetary Fund.

Monetary policy--Morocco.

Monetary policy.

Economic forecasting--Morocco.

Economic forecasting.

Morocco--Economic policy.

Morocco.

Physical Description:

1 online resource (30 pages)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2018.

Summary:

The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime.

Contents:

Intro

Cover

Contents

Abstract

I. Introduction

II. Morocco: Monetary Independence Under a Peg and Capital Controls

III. Morocco: Main Features

A. Capital controls and other regulations

B. The fixed exchange rate regime and monetary policy

C. Structure of the economy

IV. The Moroccan Quarterly Projection Model (MQPM)

A. A model for transition

B. Special Features of the Moroccan QPM Model

C. Selected Impulse Response Functions

V. Conclusions and the Policy Uses of the QPM in Morocco

References

Tables

1. Modeling Solutions to Regime Differences

2. The MQPM Structure Under the Fixed Exchange Rate Regime

Figures

1. Morocco: Macroeconomic Developments

2. Inflation and Monetary Transmission

3. A Positive One-Percent shock to Euro Area Inflation

4. An Increase in Household Consumption

5. An Increase in Domestic Inflation

6. Nominal Devaluation

A1. Historical Simulations of the Interbank Rate

A2. Core and Headline Inflation Rates

A3. Domestic Demand Growth

Annexes

I. FPAS Technical Assistance in Morocco

II. Empirical Validation of the Model

III. Abbreviations Used in Table 2.

Notes:

Includes bibliographical references.

Description based on publisher supplied metadata and other sources.

Description based on print version record.

ISBN:

9781484342602

1484342607

9781484342626

1484342623

OCLC:

1028171875