This paper reviews earlier studies and shows that the money demand (MD) relationship under a fixed exchange rate (ER) regime differs from that under a floating ER regime, mainly due to the limited role of monetary policy in the former regime. It then empirically demonstrates that an open-economy...

This paper documents Norges Bank's role in the long transition period from a fixed exchange rate regime to inflation targeting in Norway. It is shown that the Bank's leadership and influential department leaders wanted more exchange rate flexibility from early on. However, due to the division of...

Purpose: The main purpose of this study is to investigate the transmission mechanism of monetary policy in Morocco, taking external constraints on monetary policy into consideration. Design/methodology/approach: This study uses a structural vector autoregression model (SVAR) to examine the...