Verfügbarkeit: Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka

Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka:

In this paper we examine the channels through which innovations to policy variables- policy rates or monetary aggregates-affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional policy chann...

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1. Verfasser:	Ghazanchyan, Manuk (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2014
Schriftenreihe:	IMF Working Papers Working Paper No. 14/190
Online-Zugang:	UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext
Zusammenfassung:	In this paper we examine the channels through which innovations to policy variables- policy rates or monetary aggregates-affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional policy channels (money/interest rate, bank lending, exchange rate and asset price channels) in VAR models. The timing and magnitude of these effects are assessed using impulse response functions, and through the pass-through coefficients from policy to money market and lending rates. Our results show that (i) the interest rate channel (money view) has the strongest Granger effect (helps predict) on output with a 0.6 percent decrease in output after the second quarter and a cumulative 0.5 percent decline within a three-year period in response to innovations in the policy rate; (ii) the contribution from the bank lending channel is statistically significant (adding 0.2 percentage point to the baseline effect of policy rates) in affecting both output and prices but with a lag of about five quarters for output and longer for prices; and (iii) the exchange rate and asset price channels are ineffective and do not have Granger effects on either output or prices
Beschreibung:	1 Online-Ressource (42 p)
ISBN:	1484311663 9781484311660

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spelling	Ghazanchyan, Manuk Verfasser aut Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka Ghazanchyan, Manuk Washington, D.C International Monetary Fund 2014 1 Online-Ressource (42 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/190 In this paper we examine the channels through which innovations to policy variables- policy rates or monetary aggregates-affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional policy channels (money/interest rate, bank lending, exchange rate and asset price channels) in VAR models. The timing and magnitude of these effects are assessed using impulse response functions, and through the pass-through coefficients from policy to money market and lending rates. Our results show that (i) the interest rate channel (money view) has the strongest Granger effect (helps predict) on output with a 0.6 percent decrease in output after the second quarter and a cumulative 0.5 percent decline within a three-year period in response to innovations in the policy rate; (ii) the contribution from the bank lending channel is statistically significant (adding 0.2 percentage point to the baseline effect of policy rates) in affecting both output and prices but with a lag of about five quarters for output and longer for prices; and (iii) the exchange rate and asset price channels are ineffective and do not have Granger effects on either output or prices Online-Ausg http://elibrary.imf.org/view/IMF001/22108-9781484311660/22108-9781484311660/22108-9781484311660.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Ghazanchyan, Manuk Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka
title	Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka
title_auth	Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka
title_exact_search	Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka
title_exact_search_txtP	Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka
title_full	Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka Ghazanchyan, Manuk
title_fullStr	Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka Ghazanchyan, Manuk
title_full_unstemmed	Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka Ghazanchyan, Manuk
title_short	Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka
title_sort	unraveling the monetary policy transmission mechanism in sri lanka
url	http://elibrary.imf.org/view/IMF001/22108-9781484311660/22108-9781484311660/22108-9781484311660.xml
work_keys_str_mv	AT ghazanchyanmanuk unravelingthemonetarypolicytransmissionmechanisminsrilanka

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