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فاعلية السياسة النقدية بين استهداف التضخم واستهداف الناتج الاختيار الأفضل ؟

العنوان بلغة أخرى: The Effectiveness of Monetary Policy Between the Inflation Targeting and GDP Targeting ... the Best Choice?
المصدر: مجلة مصر المعاصرة
الناشر: الجمعية المصرية للاقتصاد السياسي والإحصاء والتشريع
المؤلف الرئيسي: سلام، محمد عبدالنبي محمد (مؤلف)
مؤلفين آخرين: أحمد، خالد محمد محمد (م. مشارك)
المجلد/العدد: مج105, ع515
محكمة: نعم
الدولة: مصر
التاريخ الميلادي: 2014
الشهر: يوليو
الصفحات: 163 - 194
ISSN: 0013-239X
رقم MD: 742087
نوع المحتوى: بحوث ومقالات
قواعد المعلومات: EcoLink
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المستخلص: Inflation targeting policy is becoming the choice of many developed and developing countries. Egypt, as one of the developing countries, has started in the application of this tool as a framework for monetary policy since 2005. indeed, the effectiveness of monetary policy in achieving its goal emerges through its success in choosing the policy that is applied. However, the application of the inflation targeting policy or the output targeting policy are the main important of these policies, because they are reliable to achieve monetary policy objectives, due to the presence of discrepancy between them, so the monetary authorities confused between the application of either of the two policies, therefore, this study seeks to determine neither leads to effective monetary policy. The study used multivariate vector autoregressive models (VAM) and the tests of Granger causality in order to know which of two policies the best are. we conducted test granger of causality, to see the effect of each exogenous variables of the study represented by the money supply, the domestic liquidity, the financial spending, the interest rate and the exchange rate on the endogenous variables: GDP in the first model and in the second model on the index of consumer prices as an indicator of inflation, the study found that these variables have a significant effect on the inflation rate, then, the success of the applied procedures to influence inflation, because it affected by all monetary policy variables and thus leads inflation targeting policy to monetary policy more effective.

ISSN: 0013-239X

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