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A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco

2021-07-16 Business & Economics
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Release : 2021-07-16
Genre : Business & Economics
Kind : eBook
Book Rating : 98X/5 ( reviews)

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Book Synopsis A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco by : Daniel Baksa

Download or read book A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco written by Daniel Baksa. This book was released on 2021-07-16. Available in PDF, EPUB and Kindle. Book excerpt: The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. The model focuses on only a few variables that are consistent with the New Keynesian framework. Thanks to its simplicity, it facilitates an initial and intuitive understanding of monetary and fiscal policy transmission channels, and their main impact on economic activity. The model is adapted to Morocco and we demonstrate its application with an illustrative scenario of policy responses to a slower-than-expected recovery from the Covid-19 pandemic, under different monetary policy and exchange rate regimes.

A Simple Macrofiscal Model for Policy Analysis: an Application to Cambodia

2020-09-25
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Release : 2020-09-25
Genre :
Kind : eBook
Book Rating : 857/5 ( reviews)

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Book Synopsis A Simple Macrofiscal Model for Policy Analysis: an Application to Cambodia by : Daniel Baksa

Download or read book A Simple Macrofiscal Model for Policy Analysis: an Application to Cambodia written by Daniel Baksa. This book was released on 2020-09-25. Available in PDF, EPUB and Kindle. Book excerpt: The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. Our canonical model is adapted to Cambodia and we demonstrate its application with an illustrative scenario of macroeconomic effects of the Covid-19 pandemic. Complemented with near-term forecasting tools and expert judgment, the dynamics of the model helps to inform policymakers about medium-term transmission channels and thus guide policy advice.

Morocco’s Monetary Policy Transmission in the Wake of the COVID-19 Pandemic

2021-10-21 Business & Economics
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Release : 2021-10-21
Genre : Business & Economics
Kind : eBook
Book Rating : 266/5 ( reviews)

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Book Synopsis Morocco’s Monetary Policy Transmission in the Wake of the COVID-19 Pandemic by : Mr. Roberto Cardarelli

Download or read book Morocco’s Monetary Policy Transmission in the Wake of the COVID-19 Pandemic written by Mr. Roberto Cardarelli. This book was released on 2021-10-21. Available in PDF, EPUB and Kindle. Book excerpt: This paper finds that the neutral interest rate has been on a downward trajectory in Morocco since the global financial crisis and may have fallen in the wake of the pandemic. In that context, monetary policy transmission to output and prices appears relatively muted given limited exchange rate flexibility until recently. Also, monetary policy transmission to some market rates has somewhat weakened in the wake of the pandemic. A lower natural rate and low policy rates raise the question of whether further rate reductions would impair the banking system. We find that the sensitivity of cash demand to deposit rates is low, implying limited risks that banks would lose funding with further reductions. A reliance on checking and savings accounts for funding may impair monetary pass-through, however. If monetary policy reaches its effective lower bound, limited and credible recourse to an asset purchase program could usefully complement conventional measures and strengthen monetary policy transmission under an inflation-targeting regime with a flexible exchange rate.

Quarterly Projection Model for the Bank of Ghana

2022-09-02 Business & Economics
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Release : 2022-09-02
Genre : Business & Economics
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Quarterly Projection Model for the Bank of Ghana by : Philip Abradu-Otoo

Download or read book Quarterly Projection Model for the Bank of Ghana written by Philip Abradu-Otoo. This book was released on 2022-09-02. Available in PDF, EPUB and Kindle. Book excerpt: The paper describes the Quarterly Projection Model (QPM) that underlies the Bank of Ghana Forecasting and Policy Analysis System (FPAS). The New Keynesian semi-structural model incorporates the main features of the Ghanaian economy, transmission channels and policy framework, including an inflation targeting central bank and aggregate demand effects of fiscal policy. The shock propagation mechanisms embedded in the calibrated QPM demonstrate its theoretical consistency, while out-of-sample forecasting accuracy validates its empirical robustness. Another important part of the QPM is endogenous policy credibility, which may aggravate policy trade-offs in the model and make it more realistic for developing economies. Historical track record of real time policy analysis and medium-term forecasting conducted with the QPM – as a component of the broader FPAS analytical organization – establishes its critical role in supporting the Bank’s forward-looking monetary policy framework.

Morocco's Quest for Stronger and Inclusive Growth

2023-10-09 Economic development
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Release : 2023-10-09
Genre : Economic development
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Book Synopsis Morocco's Quest for Stronger and Inclusive Growth by : Roberto Cardarelli

Download or read book Morocco's Quest for Stronger and Inclusive Growth written by Roberto Cardarelli. This book was released on 2023-10-09. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the past two decades, Morocco has faced several external and domestic shocks, including large swings in international oil prices, regional geopolitical tensions, severe droughts, and most recently the impact of the pandemic and the economic fallout from Russia's invasion of Ukraine. Despite rough waters, the government stayed the course and remained focused not only on immediate stability, but also on the long-term needs of the Moroccan economy. This involved the adoption of a series of difficult measures, like the elimination of energy subsidies, and a strategy aimed at improving the country's infrastructure, diversifying the production and export bases by attracting foreign investment, and modernizing the governance structure of the public administration. The road to higher and more inclusive growth, however, remains steep. Despite gains in poverty reduction, literacy and lifespans, Morocco economy continues to face a high share of inactive youth, large gaps in economic opportunities for women, a fragmented social protection system, and remaining barriers to private sector development. An ambitious reform agenda is needed to better meet the aspirations of Moroccans, by making economic growth stronger, more resilient and more inclusive, particularly to provide greater opportunities for young, women, and entrepreneurs. Morocco appears well positioned to address these challenges, and indeed, the country has recently sought to define and pursue a new "model of development", through national debates and a more inclusive approach to reform. Significant reforms have been announced recently that revamp both the social protection system and the SOEs business model. This book draws lessons from the reforms Morocco has implemented in the past few decades and charts a course for Morocco by addressing key areas for reform.

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