Broad Money Demand and Monetary Policy in Tunisia

27 Pages Posted: 15 Feb 2006

See all articles by Volker Treichel

Volker Treichel

International Monetary Fund (IMF) - African Department

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Date Written: March 1997


The development of empirical foundations to the conduct of monetary policy in Tunisia is the central concern of this paper. Finding stable money demand functions, it broadly corroborates the choice of monetary aggregates as intermediate targets of monetary policy by the Tunisian Central Bank. It finds, however, a lower income elasticity than the one currently applied by the Central Bank and proposes a different methodology for defining monetary growth targets. The paper also finds that both interest rates and reserve money are feasible operating targets and suggests that the Central Bank orients its monetary policy more towards transparent operating targets.

JEL Classification: C52, E41, E52, N15

Suggested Citation

Treichel, Volker, Broad Money Demand and Monetary Policy in Tunisia (March 1997). IMF Working Paper No. 97/22, Available at SSRN:

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