ESTIMATION DES MECANISMES DE TRANSMISSION DE LA POLITIQUE MONETAIRE AU MAROC: UNE APPROCHE SVAR

Résumé

The main purpose of this study is to investigate the transmission mechanism of monetary policy in Morocco. Taking into consideration the external constraints on monetary policy, we estimate a structural vector autoregressive model (SVAR) to look at the transmission of the effects of a positive monetary policy shock to the real economy. The findings highlight that considering the external constraints improve ours understandings of the effect and the functioning of the transmission channels. The analysis provides evidence that monetary policy shocks are transmitted to the Moroccan economy principally via the credit and interest rates channels. However, the exchange rate and asset prices channels are inoperative. Furthermore, our results highlight that the monetary aggregate contains important additional information in the transmission process of monetary policy shocks in Morocco.