July 1, 2006 Thesis Open Access

ZERAYEHU SIME

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    <subfield code="a">HOW CENTRAL BANK RESPONDS TO MACROECONOMIC SHOCKS? SPECIFICATION, ESTIMATION AND ANALYSIS OF MONETARY POLICY REACTION FUNCTION: THE CASE OF ETHIOPIA (1991-2005)</subfield>
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    <subfield code="a">&lt;p&gt;This paper presents a model of monetary policy in Ethiopia after financial liberalization policy adopted. It is&lt;br&gt;
designed to identify both the goals and pattern of policy with the two major aims: firstly to know the way&lt;br&gt;
how National Bank of Ethiopia systematically responds to macroeconomic shocks and secondly to evaluate&lt;br&gt;
the performance monetary policy against its initial objective including assessment of gap analyses in&lt;br&gt;
monetary policy frame work.&lt;br&gt;
Hence, the model demonstrates that the National Bank of Ethiopia chooses the domestic credit as the most&lt;br&gt;
appropriates indicator of monetary policy with the determinants of net foreign assets, consumer price index,&lt;br&gt;
fiscal gap, real effective exchange rate and Gross Domestic Products to formulate the reaction function. On&lt;br&gt;
top of this the empirical results explain that domestic credit has strong long run &amp;amp; positive relation with net&lt;br&gt;
foreign assets &amp;amp; to real Gross Domestic Product. But it has short run relation with consumer price index,&lt;br&gt;
real effective exchange rate and real Gross Domestic Product at different lag structure. The NBE followed a&lt;br&gt;
combination of both accommodating and stabilization monetary policy. The Coefficients of equilibrating&lt;br&gt;
error terms, ECM suggest that the speed of adjustment/ feed back effect towards the long run equilibrium&lt;br&gt;
takes many years for full adjustment when there is a shock in the system, indicating the longer lags structure&lt;br&gt;
and undeveloped financial sectors resulted in obstacles for the effectiveness of monetary policy&lt;/p&gt;</subfield>
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