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Sectoral Effects Of Monetary Policy: Evidence From Morocco

Author

Listed:
  • Charaf Eddine Moussir

    (UM5 - Université Mohammed V de Rabat [Agdal])

  • Abdellatif Chatri

    (UM5 - Université Mohammed V de Rabat [Agdal])

Abstract

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

Suggested Citation

  • Charaf Eddine Moussir & Abdellatif Chatri, 2017. "Sectoral Effects Of Monetary Policy: Evidence From Morocco," Post-Print hal-01449475, HAL.
    • Handle: RePEc:hal:journl:hal-01449475
    Note: View the original document on HAL open archive server: https://hal.science/hal-01449475
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    References listed on IDEAS

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    1. Dorothy Nampewo & Ezra Munyambonera & Musa Mayanja Lwanga, 2013. "Sectoral effects of monetary policy in Uganda," Journal of Statistical and Econometric Methods, SCIENPRESS Ltd, vol. 2(4), pages 1-2.
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    3. Joe Ganley & Chris Salmon, 1997. "The Industrial Impact of Monetary Policy Shocks: Some Stylised Facts," Bank of England working papers 68, Bank of England.
    4. Hayo, Bernd & Uhlenbrock, Birgit, 1999. "Industry effects of monetary policy in Germany," ZEI Working Papers B 14-1999, University of Bonn, ZEI - Center for European Integration Studies.
    5. John B. Taylor, 1995. "The Monetary Transmission Mechanism: An Empirical Framework," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 11-26, Fall.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Morocco.; Monetary policy; sectoral output; VAR model; Impulse response functions;
    All these keywords.

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