巴基斯坦货币反应函数中财政变量的含义

Q4 Economics, Econometrics and Finance

Global Business and Economics Review Pub Date : 2023-03-30 DOI:10.31703/ger.2023(viii-i).01

Brekhna Ali, Mukamil Shah

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引用次数: 0

摘要

本文研究了巴基斯坦财政变量对货币反应函数的影响。宏观经济政策的主要关注点是实现可持续增长和保持经济中的低通货膨胀水平。为了进行实证分析，采用自回归分布滞后模型(ARDL)，使用2004年第一季度至2020第四季度的季度数据。实证结果表明，货币反应函数中的货币政策工具在短期和长期都被财政政策变量显著地解释。货币政策不能单独控制通货膨胀，除非有财政政策的支持。因此，要实现最优的政策组合，就巴基斯坦而言，明智的货币政策必须紧随全面的财政政策。

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The Implication of Fiscal Variables in the Monetary Reaction Function of Pakistan

This paper investigates the influence of fiscal variables on the monetary reaction function innPakistan. The main concern of a macroeconomic policy is to achieve sustainable growth and to keep a low level of inflation in the economy. For empirical analysis, the Autoregressive Distributive Lag model (ARDL) is applied using quarterly data for the period 2004Q1 to 2020Q4. The empirical evidence reveals that the monetary policy instrument in the monetary reaction function is explained significantly by the fiscal policy variables both in the short and long-run. Monetary policy independently cannot control inflation unless it has the support of the fiscal policy. Therefore, for an optimal policy mix, a wise monetary policy must be followed by a comprehensive fiscal policy in the case of Pakistan.

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来源期刊

Global Business and Economics Review Economics, Econometrics and Finance-Economics and Econometrics

CiteScore

0.80

自引率

0.00%

发文量

期刊介绍： GBER (the flagship journal of the Business & Economics Society International) is an international refereed outlet journal for the presentation, discussion and analysis of advanced concepts, initial treatments and fundamental research in all fields of business and economics. Priority is given to insightful policy-oriented articles that deal with the implications of the increasingly global business activity, especially written for the educated lay-person.