000 -LEADER |
fixed length control field |
02164nam a22002657a 4500 |
003 - CONTROL NUMBER IDENTIFIER |
control field |
ipslib |
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
fixed length control field |
141204t xxu||||| |||| 00| 0 eng d |
041 ## - LANGUAGE CODE |
Language code of text/sound track or separate title |
English Language |
100 ## - MAIN ENTRY--PERSONAL NAME |
Personal name |
Ghazanchya,n Manuk |
9 (RLIN) |
1 |
245 ## - TITLE STATEMENT |
Title |
Unraveling the monetary policy transmission mechanism in Sri Lanka |
260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
Place of publication, distribution, etc |
Washington |
Name of publisher, distributor, etc |
International Monetary Fund |
Date of publication, distribution, etc |
2014 |
300 ## - PHYSICAL DESCRIPTION |
Extent |
41p. |
440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE |
Title |
IMF Working Paper |
Number of part/section of a work |
14/190 |
9 (RLIN) |
1 |
520 ## - SUMMARY, ETC. |
Summary, etc |
This paper examines the channels through which innovations to policy variables— policy rates or monetary aggregates—affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional policy channels (money/interest rate, bank lending, exchange rate and asset price channels) in VAR models. The timing and magnitude of these effects are assessed using impulse response functions, and through the pass-through coefficients from policy to money market and lending rates. Our results show that (i) the interest rate channel (money view) has the strongest Granger effect (helps predict) on output with a 0.6 percent decrease in output after the second quarter and a cumulative 0.5 percent decline within a three-year period in response to innovations in the policy rate; (ii) the contribution from the bank lending channel is statistically significant (adding 0.2 percentage point to the baseline effect of policy rates) in affecting both output and prices but with a lag of about five quarters for output and longer for prices; and (iii) the exchange rate and asset price channels are ineffective and do not have Granger effects on either output or prices. |
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
Topical term or geographic name as entry element |
Monetary policy |
9 (RLIN) |
1 |
|
Topical term or geographic name as entry element |
Econometric models, |
9 (RLIN) |
1 |
|
Topical term or geographic name as entry element |
Central Bank Policies |
9 (RLIN) |
1 |
|
Topical term or geographic name as entry element |
Financial Markets |
9 (RLIN) |
1 |
|
Topical term or geographic name as entry element |
Money market |
9 (RLIN) |
1 |
|
Topical term or geographic name as entry element |
Sri Lanka |
9 (RLIN) |
1 |
655 ## - INDEX TERM--GENRE/FORM |
Genre/form data or focus term |
Finance |
856 ## - ELECTRONIC LOCATION AND ACCESS |
Uniform Resource Identifier |
https://www.imf.org/external/pubs/ft/scr/2014/cr14286.pdf |
942 ## - ADDED ENTRY ELEMENTS (KOHA) |
Source of classification or shelving scheme |
|
Koha item type |
Electronic Media |