Publications

This paper tries to accomplish two tasks. First, provide a retrospective of monetary policy instruments between 1996 and 2005 in an attempt to explain the decision making process. Consequently, a parsimonious empirical estimation is conducted to investigate the relationship between monetary aggregates and inflation. Second, the paper discusses the preparedness of the CBE to adopt an IT framework, in light of the new monetary policy framework launched in 2005 and compared to other emerging country cases.