EVIDENCE ON MONETARY POLICY TRANSMISSION DURING TRANQUIL AND TURBULENT PERIODS

Chioma Peace Nwosu (), Afees Salisu, Margaret Johnson Hilili (), Izuchukwu Ifeanyi Okafor (), Izuchukwu Oji-Okoro () and Idis Adediran
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Chioma Peace Nwosu: Central Bank of Nigeria
Margaret Johnson Hilili: Central Bank of Nigeria
Izuchukwu Ifeanyi Okafor: Central Bank of Nigeria
Izuchukwu Oji-Okoro: Central Bank of Nigeria
Idis Adediran: Centre for Econometric & Allied Research, University of Ibadan

Bulletin of Monetary Economics and Banking, 2019, vol. 22, issue 3, 311-350

Abstract: This paper evaluates monetary policy transmission in both tranquil and turbulent periods for Mexico, Indonesia, Nigeria, and Turkey. Using a structural vector autoregressive model, we find that the effect of structural shocks from supply, demand, and financial sources tend to fizzle out faster for Nigeria and Mexico compared to Indonesia and Turkey. Another important finding is that while monetary authorities in Indonesia and Turkey are more responsive to inflation those in Mexico and Nigeria are more influenced by the exchange rate. We also observe differences in the conduct of monetary policy between the tranquil and turbulent periods.

Keywords: Monetary policy transmission; Structural Vector Autoregressive model; MINT countries; Global financial crisis (search for similar items in EconPapers)
JEL-codes: E44 G21 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:22:y:2019:i:3d:p:311-350

DOI: 10.21098/bemp.v22i3.1111

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