Economics at your fingertips  

Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls

Mokhtar Benlamine (), Ales Bulir (), Meryem Farouki, Ágnes Horváth, Faical Hossaini, Hasnae El Idrissi, Zineb Iraoui, Mihály Kovács, Douglas Laxton (), Anass Maaroufi, Katalin Szilágyi, Mohamed Taamouti and David Vavra

No 18/27, IMF Working Papers from International Monetary Fund

Abstract: The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime.

Keywords: Monetary policy; Economic forecasting; Inflation targeting; Flexible exchange rates; Fixed exchange rates; Economic models; Morocco; forecasting and simulation, model construction, Monetary Policy (Targets, Instruments, and Effects), Model Construction and Estimation (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ara
Date: 2018-02-14
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link) (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Jim Beardow ().

Page updated 2019-02-17
Handle: RePEc:imf:imfwpa:18/27