أ.د عباس كاظم جاسم الدعميJOURNAL OF ADMINISTRATION AND ECONOMICS
2019, Volume 8, Issue 29, Pages 242-267

Abstract

The of research is to show the mechanism of the Favar model to show the importance of the monetary policy tools in the performance indicators of the efficiency of the monetary policy presented by the model as indicators to measure the health of the macro economy and the extent of the impact of the tools of monetary authority which vary from country to country according to the degree of economic and political development and the banking and financial sector, And activating monetary policy through the exercise of quantitative instruments and has an important role as a channel to transfer the monetary authority to the economy and the formulation and implementation of monetary policy, which are related to the extent of independence of the Central Bank and the freedom to use the mixture of tools (The use of the Favar model to measure the effect of monetary policy on performance indicators of monetary policy efficiency) in order to study the relations between quantitative monetary power tools (re-discount rate, Reserve requirements, central bank purchases, central bank sales) and performance indicators of US monetary policy efficiency for the period 1990-2017.The importance of the study is reflected in the presentation of economic views on the course of monetary policy and the reflection of tools in the economy through the transfer of shocks of monetary policy to the economy through the indicators of the performance of monetary policy so as to strengthen the role of central banks in the formulation and implementation of monetary policy because the impact of monetary shocks of monetary policy tools in the activity Economic policy is one of the most important topics in macroeconomic analysis, where monetary policy is the most effective in achieving economic growth through the procedures and tools of the Central Bank to influence the level of economic activity. The monetary policy in the countries of the study sample and analysis of the tools of the Central Bank and indicators of the performance of monetary policy for the period 1990-2017 and the definition of macroeconomic variables included in the FAVAR model, which expresses the indicators of the performance of short and long term monetary policy efficiency and the assessment and measurement of correlation between the tools of the Central Bank and efficiency performance indicators Monetary Policy for the period 1990 – 2017 and an analysis of the direction of the causal relationship between the tools of the Central Bank and the indicators of the efficiency of monetary policy.