تقييم السياسة النقدية في استهدافها للتضخم : دراسة قياسية لحالة الجزائر 1990-2020

Abstract EN

This research paper aims to analyze the effectiveness of monetary policy in achieving stability in the price level and reducing the effects of inflation in the Algerian economy, that is, using the VECM random error correction model and annual data covering the period from 1990 to 2020, which examines the following variables : INF inflation rate rediscount rate TR, money supply rate M2, exchange rate TC rate of bank loans to the economy CR.

the results of the study also showed that the impact of the exchange rate on inflation is somewhat strong, which suggests that the exchange rate is one of the sources of inflationary pressures in Algeria, while other variables of monetary policy have a weak impact, which leads us to conclude that the effect of monetary policy on inflation is not derived from its channels.