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

Sectoral Effects of Monetary Policy on Economic Activity: Case of Morocco

Charaf Eddine Moussir

MPRA Paper from University Library of Munich, Germany

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. (search for similar items in EconPapers)
JEL-codes: E23 E43 E52 (search for similar items in EconPapers)
Date: 2017-04
New Economics Papers: this item is included in nep-ara and nep-mac
References: View references in EconPapers View complete reference list from CitEc
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Published in International Journal of Innovation and Applied Studies No. 1.Vol. 2(2017): 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:pra:mprapa:76488

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