فعالية السياسة النقدية بين استهداف التضخم و استهداف الناتج المحلي في ظل مقاربتي Taylor و Mccallum : دراسة قياسية

Abstract EN

This study focuses on the empirical tests that aims to gauge the effectiveness of monetary policy in Algeria, under the Taylor rule for inflation targeting and McCallum's rule for GDP targeting, using VAR model and the Granger causality between monetary tools and both of inflation and GDP in two independent models, based on quarterly data from 1990 Q1 to 2018 Q4.

The main finding reveals that the variables have a significant effect on inflation, as the results of the impulse response function (IRF) indicate a positive effect between INF, M2, and TCR.

while for GDP, it was found that there was a negative effect for most variables.

Furthermore, we found that the variables in this study explained inflation more than GDP according to the variance decomposition test, therefore the inflation targeting policy is the perfect policy in enhancing the effectiveness of monetary policy in Algeria.