المجلة الدولية للاداء الاقتصادي
Volume 6, Numéro 2, Pages 469-494
2023-12-30

Asymmetric Transmission Of Monetary Policy Through Interest Rate, Credit Volumes And Exchange Rate Channels Using Nonlinear Autoregressive Distributed Lags (nardl) Method: Evidence From Algeria.



Authors : Yahia Amel .

Abstract

This article aims to study the effectiveness and symmetry of the transmission of monetary policy in Algeria through the channels of interest rates, credit, and exchange rates in both the short and long term, using the Nonlinear Autoregressive Distributed Lag (NARDL) method. The study of asymmetric effects of monetary policy channels on both output and prices stability is of paramount value for monetary policy analysis and implementation. The results have shown that the transmission of monetary policy in Algeria exhibits an asymmetric nature, except for the effect of bank lending interest rates on real gross domestic product and inflation and that the traditional interest rate channel is the most effective in transmitting the effects of monetary policy to real gross domestic product, while positive variations in credit volume are most effective in the long term, and negative changes in the exchange rate are the most efficient in the short-term concerning the transmission to inflation.

Keywords

Monetary Policy ; NARDL MODELS ; Monetary Policy transmission channels ; Inflation ; Gross National Product

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