Requirements for Using Interest Rates as an Operating Target for Monetary Policy

Online-Ressource (47 p)

IMF working paper ; WP/09/149

Description based upon print version of record

Contents; I. Introduction; Boxes; 1. Objectives of the 11th Economic Plan; II. Overview of Tunisia's Program of Economic Reforms; A. Financial Sector Reforms; B. External Sector and Policies; 2. Summary of Exchange Arrangements; C. Monetary Policy Framework; III. Using Interest Rates as the Operating Target: Money Market Deepening; A. Interbank Money Market and Liquidity Management in Tunisia; Figures; 1. Key Monetary Indicators; B. Monetary Management: Assessment and Way Forward; 3. Monetary Policy Instruments; C. Money Market Deepening

IV. Empirical Evidence for the Interest Rate Channel in TunisiaA. Theoretical Background to Assessing the Transmission Mechanisms; B. Review of the Literature on Tunisia; C. Assessment of the Transmission Mechanisms in Tunisia; 2. Response Functions for Model 1'; 3. Response Functions for Model 1′′\f C; 4. Response Functions for Model 2; D. What do Reaction Functions Tell Us in Tunisia?; 4. Reaction Function of Central Banks: Between Theory and Practice; V. The Way Forward for Tunisia's Monetary Policy Framework; A. Tunisia's Compliance with the Building Blocks of Inflation Targeting; Tables

1. Estimates of an Interest Rate Reaction FunctionB. Strengthening Compliance with the Building Blocks of Inflation Targeting; 2. Compliance with the Building Blocks of an IT Framework; VI. Concluding Remarks; Appendices; I. Tunisia: Monetary Targeting Framework; II. Inflation Targeting in Emerging Economies; Appendix Tables; 3. Tunisia: Reforms in the Monetary, Financial and External; 4. Detailed Compliance with the Building Blocks; 5. Unit Root Tests; References

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