| Description |
1 online resource (26 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/06/48 |
|
IMF working paper ; WP/06/48.
|
| Contents |
Contents -- I. INTRODUCTION -- II. CHANNELS OF MONETARY TRANSMISSION -- III. CONDUCT OF MONETARY POLICY IN JORDAN -- IV. EVIDENCE FROM VARS -- V. CONCLUSIONS AND POLICY IMPLICATIONS -- IMPULSE RESPONSES -- GRANGER CAUSALITY TESTS SUMMARY -- REFERENCES |
| Summary |
This paper examines monetary transmission in Jordan using the vector autoregressive approach. We find that the real 3-month CD rate, the Central Bank's operating target, affects bank retail rates and that monetary policy, measured by the spread between the 3-month CD rate and the U.S. Federal Funds rate, is effective in influencing foreign reserves. We do not find evidence of monetary policy affecting output. Output responds very little to changes in bank lending rates. Furthermore, equity prices and the exchange rate are not significant channels for transmitting monetary policy to economic activity. The effect of monetary policy on the stock market seems insignificant |
| Bibliography |
Includes bibliographical references (page 26) |
| Notes |
Print version record |
| Subject |
Monetary policy -- Jordan
|
|
Economic history
|
|
Monetary policy
|
| SUBJECT |
Jordan -- Economic conditions
|
| Subject |
Jordan
|
| Form |
Electronic book
|
| Author |
Sab, Randa, author.
|
|
Khachatryan, Hasmik, author.
|
|
International Monetary Fund. Middle East and Central Asia Department.
|
| ISBN |
1283513757 |
|
9781283513753 |
|
9781451908442 |
|
145190844X |
|
