Effets sectoriels de la politique monétaire et activité économique: cas du Maroc

Charaf Eddine Moussir

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Abstract: The effects of monetary policy on economic performance have long attracted the attention of economists and policy makers. The literature identifies different ways of understanding the monetary transmission mechanisms. They vary according to the importance given to interest rates, credits, exchange rates, asset prices and other financial institutions in the transmission mechanism. The purpose of this paper is to shed more light on the existence of significant differences in the reactions of Moroccan sectors to monetary policy shocks. The results of the analysis indicate that at the aggregate level a monetary policy tightening leads to a decrease of the overall GDP and price level. At the disaggregated level, the extraction industry, manufacturing, construction, hotels & restaurants, the financial and insurance activities are among the more sensitive sectors to monetary policy shocks. On the other hand monetary policy innovations do not appear to have an adverse impact on agriculture and fishing sectors.

Keywords: Monetary policy; Sectoral output; vector auto regression (VAR); Impulse response functions; Morocco; Politique monétaire; Production sectorielle; Modèle Vectoriel autorégressif; Fonctions de réponse impulsionnelle; Maroc (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-ara
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Published in International Journal of Innovation and Applied Studies, 2017, 20 (1), pp.219-225

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Working Paper: Effets sectoriels de la politique monétaire et activité économique: cas du Maroc (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01449490

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