Mr.Ales Bulir

Mr.Douglas Laxton

Mokhtar Benlamine

Meryem Farouki

Ágnes Horváth

Faical Hossaini

Hasnae El Idrissi

Zineb Iraoui

Mihály Kovács

Anass Maaroufi

Katalin Szilágyi

Mohamed Taamouti

David Vávra

The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime.

Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls

Mr.Maurice Obstfeld

Tobias Adrian

Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.

Advancing the Frontiers of Monetary Policy

Mr.Douglas Laxton

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