EconPapers    
Economics at your fingertips  
 

Non-linéarité de la fonction de réaction des autorités monétaires tunisiennes

Samira Haddou

Economie & Prévision, 2010, vol. n° 195-196, issue 4, 99-110

Abstract: This paper examines the behavior of the Central Bank of Tunisia in the conduct of its monetary policy. To this end, a Taylor rule for the interest rate is estimated using a smooth-transition regression model over the period 1990-2008. We find that the Central Bank?s reaction function is nonlinear, convex with regard to inflation, concave with regard to the output gap, and that inflation aversion outweighs recession aversion. The main policy implication of these findings is that inflation and recession risks facing monetary policy-makers spur the Central Bank to pursue a risk-management policy for its key rate.

Keywords: Taylor rule; Central Bank of Tunisia; non-linearity; asymmetric preferences; meta-regression analysis (MRA); cotton; subsidies; agriculture (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOP_195_0099 (application/pdf)
http://www.cairn.info/revue-economie-et-prevision-1-2010-4-page-99.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:ecoldc:ecop_195_0099

Access Statistics for this article

More articles in Economie & Prévision from La Documentation Française
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().

 
Page updated 2022-05-17
Handle: RePEc:cai:ecoldc:ecop_195_0099