Munich Personal RePEc Archive

Output Composition of Monetary Policy Transmission in Mongolia

Chuluunbayar, Delgerjargal (2019): Output Composition of Monetary Policy Transmission in Mongolia.

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Abstract

The transmission of monetary policy has been found to differ between countries in the empirical literature. Understanding the degree to which each gross domestic product (GDP) component - investment, consumption and net export - is affected by policy changes is essential to conducting monetary policy. This paper examines the output composition of monetary policy transmission in Mongolia based on data from 2005Q1 to 2019Q2 and three kinds of benchmark VAR models. It is also comparing the results with other countries, finding Mongolian monetary policy transmission is dominated by the investment channel and its response is quicker than comparator countries.

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