Structural Quarterly Projection Model for Belarus PDF Download

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Structural Quarterly Projection Model for Belarus

Structural Quarterly Projection Model for Belarus PDF Author: Karel Musil
Publisher: International Monetary Fund
ISBN: 1484389271
Category : Business & Economics
Languages : en
Pages : 41

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Book Description
Belarusian authorities contemplate transiting to inflation targeting. The paper suggests a small structural model at the core of the forecasting and policy analysis system. A well-researched canonical structure of Berg, A., Karam, P. and D. Laxton (2006) is extended to capture specifics of Belarusian economy and macroeconomic policy. The modified model’s policy block reflects a monetary targeting regime and allows for transition from it to an interest-rate-based framework. Adding wages, directed lending and dollarization allow for studying implications of activist wage policy, state program lending, and dollarization for macroeconomic stability and the strength of the policy transmission mechanism.