Relevance of a Taylor-type rule in the active monetary policy of Bank Al-Maghrib ?

Nicolas Moumni and Salma Dasser

No 2766, EcoMod2011 from EcoMod

Abstract: Like the central banks of developed countries, the central bank of Morocco (Bank Al-Maghrib, BAM) has since the 1990s, upgraded instruments and practice of monetary policy. The purpose of this study is to examine the implementation by the institution of a Taylor-type rule in its active monetary policy via interest rates.we conducted the estimation, by the generalized moments method (GMM) (justified for its technical qualities), of backward-looking and forward-looking Taylor rule versions, simple and augmented by the monetary aggregate M1, with and without smoothing, over the period 1995-2008. Our results do not support the use by the central bank of Morocco such a rule.

Keywords: Morocco; Monetary issues; Monetary issues (search for similar items in EconPapers)
Date: 2011-07-06
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