The object of this paper is to determine an optimal rule of monetary policy for a small open economy. We introduced the uncovered interest parity to the model of Ball (1999). The coefficients obtained of the rule are lower than those found by Ball privileging exchange rate. The estimate of this model in the case of Tunisia made it possible to confirm the awaited theoretical results. As, it is necessary to announce as this rule of monetary policy remains effective under condition of its credibility.

(2007). De la crédiblité de la politique monétaire en Tunisie: pourquoi et comment? [journal article - articolo]. In SAVINGS AND DEVELOPMENT. Retrieved from http://hdl.handle.net/10446/27399

De la crédiblité de la politique monétaire en Tunisie: pourquoi et comment?

2007-01-01

Abstract

The object of this paper is to determine an optimal rule of monetary policy for a small open economy. We introduced the uncovered interest parity to the model of Ball (1999). The coefficients obtained of the rule are lower than those found by Ball privileging exchange rate. The estimate of this model in the case of Tunisia made it possible to confirm the awaited theoretical results. As, it is necessary to announce as this rule of monetary policy remains effective under condition of its credibility.
articolo
2007
SAVINGS AND DEVELOPMENT
L’objet de ce travail est de déterminer une règle optimale de politique monétaire pour une petite économie ouverte. Pour ce faire, nous partons du modèle de Ball (1999) dans lequel l’on introduit la parité non couverte du taux d’intérêt. Les coefficients obtenus de la règle sont inférieurs à ceux trouvés par Ball privilégiant le taux de change. L’estimation de ce modèle pour le cas de la Tunisie a permis de confirmer les résultats théoriques attendus. Aussi, il y a lieu de signaler que cette règle de politique monétaire demeure efficace au vue des mesures à mettre en oeuvre afin de crédibiliser les actions des autorités monétaires.
Miniaoui, H.; Hergli, M.; Martens, A.
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