Analysis of the monetary policy transmission mechanism in the Republic of Belarus: Bayesian approach (in Russian)

Aleksandra Bezborodova () and Yuri Mihalenok ()
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Aleksandra Bezborodova: National Bank of the Republic of Belarus, Minsk, Belarus
Yuri Mihalenok: National Bank of the Republic of Belarus, Minsk, Belarus

Quantile, 2015, issue 13, 41-61

Abstract: We present an econometric analysis of three main channels (exchange rate channel, interest rate channel and credit channel) of the transmission mechanism of the monetary policy in Belarus. The analysis uses vector autoregressive models built on data from 2003 to 2014 and implemented via the Bayesian approach. The results show that all the three channels are functional. The shortest lag reaction (one quarter) of the target indicators (GDP and inflation) is caused by the money supply shock. One of the features of the estimated transmission mechanism is lack of reaction of exports to an exchange rate shock of the Belarusian ruble.

Keywords: Republic of Belarus; transmission mechanism of the monetary policy; vector autoregressive model; Bayesian approach (search for similar items in EconPapers)
JEL-codes: C11 E47 E52 E58 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:qnt:quantl:y:2015:i:13:p:41-61

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