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Cycle financier, cycle réel et transmission de la politique monétaire au Maroc

Author

Listed:
  • Chafik, Omar

    (Bank Al-Maghrib, Département de la Recherche)

  • Achour, Aya

    (Bank Al-Maghrib, Département de la Recherche)

Abstract

Ce document de travail cherche à étudier l’impact du cycle financier sur le cycle réel et la transmission de la politique monétaire au Maroc. Notre analyse repose sur un modèle nouveau-keynésien permettant de tenir compte d’une manière endogène des interactions entre les cycles réel et financier. Par rapport à littérature sur la question, notre cadre analytique a l’avantage d’intégrer la politique monétaire et d’offrir une description plus détaillée de l’économie adaptée au régime de change en vigueur au Maroc. Les résultats de notre étude montrent que le cycle financier peut amplifier ou réduire l’ampleur des chocs économiques et, par conséquent, amener la politique monétaire à ajuster sa réaction pour stabiliser l’économie. L’analyse montre également que l’effet du cycle financier sur la transmission des chocs et la conduite de la politique monétaire peut avoir un caractère asymétrique.

Suggested Citation

  • Chafik, Omar & Achour, Aya, 2022. "Cycle financier, cycle réel et transmission de la politique monétaire au Maroc," Document de travail 2022-2, Bank Al-Maghrib, Département de la Recherche.
    • Handle: RePEc:ris:bkamdt:2022_002
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    More about this item

    Keywords

    Cycle-financier; cycle-réel; politique-monétaire; modèle-new-keynésien; estimation-bayésienne;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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