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.
This paper aims to analyze the impact of MRA’s remittances on economic growth by using two models VAR and ECM over the period 1975-2014. The results conclude that MRA’s remittances represent a determinant of economic growth, in the short term, with an elasticity low compared to the long-term behavior. Given the impulse responses analysis, a shock on MRA’s transfers has a positive impact on GDP, investment and consumption.
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