Requirements for Using Interest Rates as an Operating Target for Monetary Policy:The Case of Tunisia

46 Pages Posted: 4 Aug 2009

See all articles by Alexandre Chailloux

Alexandre Chailloux

International Monetary Fund (IMF)

Alain Durré

European Central Bank (ECB) - Directorate General Economics; IéSEG - Université Catholique de Lille; National Center for Scientific Research - LEM

Bernard Laurens

International Monetary Fund (IMF) - Monetary and Foreign Exchange Operations Division

Date Written: July 2009

Abstract

This paper discusses the use of interest rates as the operating target for monetary policy in Tunisia and the roadmap for establishing the other building blocks of an inflation targeting framework. It argues that strengthening the effectiveness of the current monetary policy framework will facilitate the adoption of inflation targeting over time.

Keywords: Economic models, Economic reforms, Financial sector, Inflation targeting, Interest rates, Liquidity management, Monetary operations, Monetary policy, Money markets, Tunisia

Suggested Citation

Chailloux, Alexandre Bruno and Durre, Alain C. J. and Laurens, Bernard J., Requirements for Using Interest Rates as an Operating Target for Monetary Policy:The Case of Tunisia (July 2009). IMF Working Paper No. 09/149, Available at SSRN: https://ssrn.com/abstract=1442251

Alexandre Bruno Chailloux

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Alain C. J. Durre

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

IéSEG - Université Catholique de Lille ( email )

3, rue de la Digue
F-59800 Lille
France

National Center for Scientific Research - LEM ( email )

106-112 Boulevard de l'Hopital
F- 75647 Paris Cedex 13
France

Bernard J. Laurens

International Monetary Fund (IMF) - Monetary and Foreign Exchange Operations Division ( email )

Monetary and Capital Markets Department
700 19th Street NW
Washington, DC 20431
United States

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