| المستخلص: |
The monetary policy is concerned with adjusting inflation rates, and but it pays attention to the fluctuations of output, especially during economic crises, in which inflation rate moves away from the target rate; while current output is far away from the potential level and this is because of the demand shocks which raise output and inflation in the same direction; or because the supply shocks which raise output and inflation in opposite directions. So, the monetary authorities face a choice between keeping inflation close to the target or keeping output close to potential. In these choices, degree of variation in these choices is affected by the range of the extension of financial inclusion. The lower the level of the financial inclusion in a country, the greater the relative weight that policymakers should place on stabilizing output gap for inflation stability. The greater the percentage of inflation, the more monetary policy will focus on the stability of- inflation at the expense of output fluctuations. So this study aims at answering the following question: How far does the financial Inclusion affect on the monetary policy trends during the economic crisis resulting from the supply shocks in the Egyptian economy ? In order to achieve this objective, the study has analyzed the trends of many economic shocks which faced the Egyptian economy from 2005 to 2018, analyzing both the trends of the financial inclusion indicators available in that period and the trends of the monetary policy to determine the impact of the financial inclusion on the trends of these policies during the supply shocks. Finally, the study has concluded that the weak indicators of the financial inclusion in the Egyptian economy led to trend the monetary policies in the supply shocks in which the rates of growth decreased significantly with the rise In inflation to focus on the, stability of the output rates at the expense of fluctuations in inflation rates.
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