EFFECT OF EXOGENOUS MONETARY POLICY SHOCKS ON SELECTED MACROECONOMIC VARIABLES IN HUNGARY: A SVAR APPROACH

2020 ◽  
Author(s):  
Ádám CSÁPAI
Keyword(s):  
Monetary Policy ◽  
Monetary Policy Shocks ◽  
Macroeconomic Variables ◽  
Policy Shocks

Monetary policy and macroeconomic responses: non-recursive SVAR study of Egypt

2019 ◽  
Vol 11 (3) ◽  
pp. 319-337
Author(s):  
Mohamed Aseel Shokr ◽  
Zulkefly Abdul Karim ◽  
Mohd Azlan Shah Zaidi
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rate ◽  
Monetary Policy Shocks ◽  
Content Type ◽  
Macroeconomic Variables ◽  
Svar Model ◽  
Policy Shocks ◽  
Effect Of Monetary Policy ◽  
Foreign Shocks

Purpose This paper aims to examine the effects of monetary policy and foreign shocks on output, inflation and exchange rate in Egypt. Design/methodology/approach This paper studies the effects of monetary policy and foreign shocks on output, inflation and exchange rate by using non-recursive SVAR model and quarterly data. Findings First, the empirical results reveal that monetary policy shocks, through changes in interest rate or money supply, have a significant effect on output, inflation and exchange rate in Egypt. Second, the world oil prices and foreign output have significant impacts on output, inflation and exchange rate in Egypt, while foreign interest rate has a significant effect on domestic output and inflation. Research limitations/implications The limitation of the study is examining one country only. Practical implications The Central Bank of Egypt (CBE) should adjust interest rate to stabilize inflation, output and exchange rate. By stabilizing inflation, output and exchange rate, the CBE would be able to achieve the ultimate targets of monetary policy, namely, price stability and economic growth. Social implications It is important for the CBE because it shows the significant effect of monetary policy on macroeconomic variables in Egypt. Also, it is important for people because it shows the important role for the CBE. Originality/value It is important for the CBE because it examines the effect of monetary policy and foreign shocks on macroeconomic variables.

scholarly journals The Evaluation of the Impact of Macroeconomic Indicators on the Performance of Listed Real Estate Companies and Reits

Ekonomika ◽  
2020 ◽  
Vol 99 (1) ◽  
pp. 79-92
Author(s):  
Viktorija Cohen ◽  
Arūnas Burinskas
Keyword(s):  
Monetary Policy ◽  
Real Estate ◽  
Real Estate Market ◽  
Supply Side ◽  
Construction Sector ◽  
Monetary Policy Shocks ◽  
Macroeconomic Variables ◽  
Macroeconomic Indicators ◽  
Policy Shocks ◽  
The Impact

Using quarterly data from 2006:Q1 to 2019:Q3 (55 observations), this paper examines 18 Eurozone macroeconomic variables that represent monetary policy, external and construction sectors’ performance, economic growth, investment, households’ earnings, inflation and assesses their impact on the performance of the European listed real estate companies and REITs. Empirical results demonstrate that the European listed real estate market is strongly influenced by the supply side: the construction sector and the inflation of producers’ prices; while the demand side is strongly affected by the expansionary monetary policy of ECB. Furthermore, some primary findings propose that US expansionary monetary policy shocks have an effect on the European listed real estate market. This conclusion demands further thorough research.

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