Review Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka

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Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka High quality books

Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka
By:Mr. Manuk Ghazanchyan
Published on 2014-10-22 by International Monetary Fund

In this paper we examine the channels through which innovations to policy variables— policy rates or monetary aggregates—affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional policy channels (money/interest rate, bank lending, exchange rate and asset price channels) in VAR models. The timing and magnitude of these effects are assessed using impulse response functions, and through the pass-through coefficients from policy to money market and lending rates. Our results show that (i) the interest rate channel (money view) has the strongest Granger effect (helps predict) on output with a 0.6 percent decrease in output after the second quarter and a cumulative 0.5 percent decline within a three-year period in response to innovations in the policy rate; (ii) the contribution from the bank lending channel is statistically significant (adding 0.2 percentage point to the baseline effect of policy rates) in affecting both output and prices but with a lag of about five quarters for output and longer for prices; and (iii) the exchange rate and asset price channels are ineffective and do not have Granger effects on either output or prices.

This Book was ranked at 2 by Google Books for keyword Credit channel.

Book ID of Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka's Books is DbKTBQAAQBAJ, Book which was written byMr. Manuk Ghazanchyanhave ETAG "W5GQjWy0E3A"

Book which was published by International Monetary Fund since 2014-10-22 have ISBNs, ISBN 13 Code is 9781484302088 and ISBN 10 Code is 1484302087

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Book which have "42 Pages" is Printed at BOOK under CategoryBusiness and Economics

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