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Monetary policy shocks and their impact on economic growth in Angola: a local projections approach
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Orientador(es)
Resumo(s)
This study examines the impact of monetary policy shocks on macroeconomic variables in
Angola using local projections. Analyzing quarterly data from 2012 to 2023, we investigate
the responses of GDP, inflation, dollarization, and credit to the private sector to policy
interventions. Our findings reveal complex dynamics, GDP growth contracts before showing
a delayed positive response, inflation experiences a mixed reaction, while dollarization displays
non-linear behavior. The credit channel demonstrates a strong transmission mechanism. These
results highlight the challenges of implementing effective monetary policy in Angola's oil dependent economy, underscoring the need for complementary structural reforms that enhance
economic resilience and growth.
Descrição
Palavras-chave
Monetary policy Macroeconomic shocks Policy interventions Local projections Economic growth Financial development