أثر الصدمات النقدية على الاقتصاد الحقيقي في الجزائر باستخدام نموذج SVAR (الفترة بين 1990 و 2019)‎

الملخص EN

This study aims to measure the effects of monetary shocks on the real economy sector, through the endogenous variables (the money supply, the volume of loans directed to the economy),and the exogenous variables( The exchange rate) that has an impact on the transmission of monetary shocks, using SVAR model, and annual data from 1990 to 2019.We found that the response of the real economy variables to monetary shocks was significant, as they affect real economic activity, and prices, through a mechanical relationship that begins with its impact on the monetary mass and then on the channels of monetary policy, and return to equilibrium in the short term, This corresponds to the economic theory of the neutrality of monetary policy in the long term.

Moreover, the response of the exchange rate channel to shocks in the long run is therefore consider an effective tool for monetary policy in Algeria.