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Estimating monetary conditions index for selected countries in the ECOWAS region
Diallo, Ibrahima; Konté, Mamadou Abdoulaye - In: West African journal of monetary and economic integration 22 (2022) 1, pp. 1-30
Monetary conditions index (MCI) has become an important indicator of monetary policy performance since its introduction by Bank of Canada in the 1990s. This is so, as the index allows central banks to gauge monetary policy stance and effectiveness. This paper builds an MCI for the seven (7)...
Persistent link: https://www.econbiz.de/10014513753
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Monetary conditions and GDP evolution in Romania
Olteanu, Dan Constantin - 2012
We deal with the evolutions of monetary conditions in Romania before and during the economic crisis, and the extent to which GDP shocks are related to these conditions. The results confirmed the essential role of interest rate, credit and exchange rate in this respect, which underlines the...
Persistent link: https://www.econbiz.de/10010529072
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Monetary policy rule : a broad monetary conditions index for Nigeria
Yaaba, Baba N. - In: CBN journal of applied statistics 4 (2013) 1, pp. 35-53
To determine the relative importance of both the domestic and external influences on monetary policy formulation, this paper constructs a broad monetary conditions index for Nigeria. It brings together the three key channels of monetary transmission, namely interest rate, exchange rate and...
Persistent link: https://www.econbiz.de/10011474824
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Alternative indicator of monetary policy stance for Macedonia
Petrovska, Magdalena; Georgievska, Ljupka - Narodna Banka na Republika Makedonija - 2015
This paper applies a SVAR model which combines different monetary policy instruments to construct an alternative indicator of monetary policy stance in Macedonia. It employs the approach introduced by Bernanke and Mihov (1998) of isolating monetary policy shocks from the whole set of monetary...
Persistent link: https://www.econbiz.de/10011623473
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Estimation of Weights for the Monetary Conditions Index in Poland
Torój, Andrzej - 2008
In this paper, we follow the econometric approach to assess relative importance of real interest rate and real exchange rate for the monetary conditions in Poland, quantified as weights for Monetary Conditions Index (MCI). We consider both single- and multiple-equation specifications proposed in...
Persistent link: https://www.econbiz.de/10014217102
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Is Monetary Condition Index an Important Indicator for Malaysia?
Poon, Wai-Ching - 2010
This paper estimates the augmented real monetary conditions index (MCI) for Malaysia and evaluates its significance over 1980:1-2004:4 using ARDL cointegration analysis as proposed by Pesaran et al. (2001). The relative strength of the four monetary policy transmission channels, namely the...
Persistent link: https://www.econbiz.de/10014045272
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Properties of the Monetary Conditions Index
Grande, Giuseppe - 2010
In recent years increasing use has been made in monetary policy analysis of the so-called Monetary Conditions Index (MCI). The index is defined as a linear combination of changes in a short-term real interest rate and in the real effective exchange rate, whose coefficients are equal to the...
Persistent link: https://www.econbiz.de/10013141924
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Die Bedeutung monetärer Größen für die deutsche Wachstumsschwäche 1995 -2005
Dovern, Jonas (contributor); Jannsen, Nils (contributor);  … - 2009
Between 1995 and 2005, the German economy has experienced a phase of weak economic growth. We analyze whether this weak growth performance can be attributed to the stance of monetary conditions during that period. We show that the real effective exchange rate did have almost no dampening effects...
Persistent link: https://www.econbiz.de/10003816156
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Construction of the monetary conditions index with TVP-VAR model : empirical evidence for Turkish economy
Akdeniz, Coşkun - In: Handbook of research on emerging theories, models, and …, (pp. 215-228). 2021
As an important indicator for the central banks that adopting inflation targeting regime, this paper aims to construct a monetary conditions index (MCI) for Turkey based on the weighted sum approach covering the period of 1986:05-2018:10. As a novelty time-varying parameter vector autoregressive...
Persistent link: https://www.econbiz.de/10012604233
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Monetary conditions index and economic activity in dollarized Zimbabwe
Mupunga, Gift - In: International Journal of Business and Economic Sciences … 15 (2022) 2, pp. 35-46
Purpose: Zimbabwe has experienced a chronic inflationary crisis whose roots can be traced back to 1997. Various … interplay to influence policy is lacking. This study developed a monetary conditions index (MCI) for Zimbabwe during the 10-year … policy making in Zimbabwe. Design/methodology/approach: Using monthly time series data, the MCI series from 2009 to 2018 was …
Persistent link: https://www.econbiz.de/10014434611