IMPACT OF UNCONVENTIONAL FINANCING ON ECONOMIC GROWTH AND INFLATION IN ALGERIA

Kherchi Medjden and Hanya Elmahdi
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Kherchi Medjden: ENSSEA - Ecole Nationale Supérieure de Statistique et d'Economie Appliquée [Tipaza]
Hanya Elmahdi: ENSSEA - Ecole Nationale Supérieure de Statistique et d'Economie Appliquée [Tipaza]

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Abstract: The objective of this study is to investigate the impact of unconventional monetary policy on inflation and economic growth in Algeria. To investigate this impact, we estimated a SVAR model, covering the period from 2006 to 2022 using quarterly data. The originality of this study is the use of the estimated dynamic effects of shocks (stylized facts) as a benchmark for assessing the effectiveness and pass-through of unconventional policies. Our results show that the shock induced by unconventional monetary policy is not transmitted to inflation, neither in the short run nor in the long run, even under theoretical restrictions. In addition, unconventional monetary shocks have no effect on real variables (economic growth).

Keywords: SVAR unconventional monetary policy impulse responses short-run and long-run restrictions. JEL Classification Codes : E510 E520 C320; SVAR; unconventional monetary policy; impulse responses; short-run and long-run restrictions. JEL Classification Codes : E510; E520; C320 (search for similar items in EconPapers)
Date: 2023-12-30
New Economics Papers: this item is included in nep-ara and nep-mon
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Published in International Journal of Economic Performance - المجلة الدولية للأداء الاقتصادي, 2023, 06 (02)

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04521309

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