Volume 20, Issue 1, April 2017, Pages 219–225
Charaf-Eddine Moussir1
1 Université Mohammed V Rabat, Morocco
Original language: French
Copyright © 2017 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
The effects of monetary policy on economic performance have long attracted the attention of economists and policy makers. The literature identifies different ways of understanding the monetary transmission mechanisms. They vary according to the importance given to interest rates, credits, exchange rates, asset prices and other financial institutions in the transmission mechanism. 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.
Author Keywords: Monetary policy, Sectoral output, vector auto regression (VAR), Impulse response functions, Morocco.
Charaf-Eddine Moussir1
1 Université Mohammed V Rabat, Morocco
Original language: French
Copyright © 2017 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
The effects of monetary policy on economic performance have long attracted the attention of economists and policy makers. The literature identifies different ways of understanding the monetary transmission mechanisms. They vary according to the importance given to interest rates, credits, exchange rates, asset prices and other financial institutions in the transmission mechanism. 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.
Author Keywords: Monetary policy, Sectoral output, vector auto regression (VAR), Impulse response functions, Morocco.
Abstract: (french)
L'objectif de cet article est de mettre en lumière l'existence de différences significatives dans les réactions des secteurs marocains aux chocs de politique monétaire. Les résultats de l'analyse indiquent que, au niveau agrégé un resserrement de la politique monétaire conduit à une diminution du niveau du PIB et du niveau des prix. Au niveau désagrégé, l'industrie d'extraction, de manufacture, le BTP, hôtels et restaurants, les activités financières et d'assurance sont parmi les secteurs les plus sensibles aux chocs de politique monétaire. D'autre part les innovations de la politique monétaire ne semblent pas avoir un impact significatif sur les secteurs de l'agriculture et de la pêche.
Author Keywords: Politique monétaire, Production sectorielle, Modèle Vectoriel autorégressif, Fonctions de réponse impulsionnelle, Maroc.
How to Cite this Article
Charaf-Eddine Moussir, “Effets sectoriels de la politique monétaire et activité économique: cas du Maroc,” International Journal of Innovation and Applied Studies, vol. 20, no. 1, pp. 219–225, April 2017.
