Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls

The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly proje...

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Bibliographic Details
Main Author: Benlamine, Mokhtar
Other Authors: Bulir, Ales, Farouki, Meryem, Horváth, Ágnes
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2018
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Inflation 
653 |a Exchange rate arrangements 
653 |a Currency; Foreign exchange 
653 |a Deflation 
653 |a Model Construction and Estimation 
653 |a Money and Interest Rates: Forecasting and Simulation 
653 |a Foreign Exchange 
653 |a Price Level 
653 |a Conventional peg 
653 |a Exchange rate flexibility 
653 |a Prices 
653 |a Macroeconomics 
653 |a Exchange rates 
653 |a Monetary Policy 
653 |a Foreign exchange 
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520 |a The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime