n Studies in Economics and Econometrics - Monetary policy transmission in Namibia : a review of the interest rate channel

Volume 36, Issue 3
  • ISSN : 0379-6205


This paper analyses the channels through which monetary policy shocks are transmitted to the economy. Specifically, the responses of the output, prices and long-term interest rates to monetary policy shocks for Namibia over the quarterly period 1993:Q1 - 2009:Q4 are investigated using impulse response functions and variance decompositions obtained from a structural vector autoregressive model (SVAR). Estimation results showed that the interest rate channel is effective. The results implies that monetary policies working through both long run and short run interest rates have a significant effect on prices and output.

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