IMPACT OF UNCONVENTIONAL FINANCING ON ECONOMIC GROWTH AND INFLATION IN ALGERIA

Hanya KHERCHI Medjden and Elmahdi Meziani
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Hanya KHERCHI Medjden: National School of Statistics and Applied Economics Kolea (Algeria)
Elmahdi Meziani: National School of Statistics and Applied Economics Kolea (Algeria)

IJEP, 2023, vol. 6, issue 2, Pages: 495-519

Abstract: The objective of this study is to investigate the impact of unconventional monetary policy on inflation and economic growth in Algeria. To investigate this impact, we estimated a SVAR model, covering the period from 2006 to 2022 using quarterly data. The originality of this study is the use of the estimated dynamic effects of shocks (stylized facts) as a benchmark for assessing the effectiveness and pass-through of unconventional policies. Our results show that the shock induced by unconventional monetary policy is not transmitted to inflation, neither in the short run nor in the long run, even under theoretical restrictions. In addition, unconventional monetary shocks have no effect on real variables (economic growth).

Keywords: SVAR; unconventional monetary policy; impulse responses; short-run and long-run restrictions (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bjm:ijep00:v:6:y:2023:i:2:id:288

DOI: 10.54241/2065-006-002-026

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