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Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls
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.
The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios
The Morocco Policy Analysis model (MOPAM) was created in the Bank Al-Maghrib to simulate the impact of external developments, domestic macroeconomic policies, and structural reforms on key macroeconomic aggregates. We describe its structure and demonstrate its operation on two medium-term scenarios: (1) fiscal consolidation to stabilize the debt-to-GDP ratio and (2) the effects of the COVID-19 shock, including the endogenous fiscal and monetary policy response.
Morocco's Quest for Stronger and Inclusive Growth
Throughout the past two decades, Morocco has faced several external and domestic shocks, including large swings in international oil prices, regional geopolitical tensions, severe droughts, and most recently the impact of the pandemic and the economic fallout from Russia's invasion of Ukraine. Despite rough waters, the government stayed the course and remained focused not only on immediate stability, but also on the long-term needs of the Moroccan economy. This involved the adoption of a series of difficult measures, like the elimination of energy subsidies, and a strategy aimed at improving the country's infrastructure, diversifying the production and export bases by attracting foreign inve...
Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems
This paper takes stock of forecasting and policy analysis system capacity development (FPAS CD), drawing extensively on the experience and lessons learned from developing FPAS capacity in the central banks. By sharing the insights gained during FPAS CD delivery and outlining the typical tools developed in the process, the paper aims to facilitate the understanding of FPAS CD within the IMF and to inform future CD on building macroeconomic frameworks. As such, the paper offers a qualitative assessment of the experience with FPAS CD delivery and the use of FPAS in the decision-making process in central banks.
Much Ado About You
Welcome to Much Ado About Books, a bookshop where dust and dreams sparkle in the air . . . At thirty-three-years old, Evie's life in Chicago is missing that special something. When she's passed over for promotion at work, Evie realizes she needs to make a change. Impulsively, she plans a holiday in a quaint English village. The holiday package comes with a temporary position at Much Ado About Books, the bookshop underneath her new flat. There's no better getaway for the bookish Evie, a life-long Shakespeare lover. Not only is Evie swept up in running the delightful store as soon as she arrives, she's drawn into the lives, loves and drama of the friendly villagers. Including Roane Robson, a r...
Advances on Smart and Soft Computing
This book presents the papers included in the proceedings of the 2nd International Conference of Advanced Computing and Informatics (ICACIn’21) that was held in Casablanca, Morocco, on May 24–25, 2021. The main theme of the book is “Advances on Smart and Soft Computing.” A total of 71 papers were submitted to the conference, but only 44 papers were accepted and published in this book. The book presents several hot research topics which include artificial intelligence and data science, big data analytics, Internet of Things (IoT), information security, cloud computing, networking and computational informatics.
Digital Technologies and Applications
This book presents Volume 1 of selected research papers presented at the Second International Conference on Digital Technologies and Applications (ICDTA 22), held at Sidi Mohamed Ben Abdellah University, Fez, Morocco, on January 28–29, 2022. This book highlights the latest innovations in digital technologies as: artificial intelligence, Internet of Things, embedded systems, network technology, information processing and their applications in several areas as hybrid vehicles, renewable energy, mechatronics, medicine... This book will encourage and inspire researchers, industry professionals, and policymakers to put these methods into practice.
How Big (Small?) are Fiscal Multipliers?
We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of development, exchange rate regime, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we find that (i) the output effect of an increase in government consumption is larger in industrial than in developing countries, (ii) the fisscal multiplier is relatively large in economies operating under predetermined exchange rate but zero in economies operating under flexible exchange rates; (iii) fiscal multipliers in open economies are lower than in closed economies and (iv) fiscal multipliers in high-debt countries are also zero.
A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco
The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. The model focuses on only a few variables that are consistent with the New Keynesian framework. Thanks to its simplicity, it facilitates an initial and intuitive understanding of monetary and fiscal policy transmission channels, and their main impact on economic activity. The model is adapted to Morocco and we demonstrate its application with an illustrative scenario of policy responses to a slower-than-expected recovery from the Covid-19 pandemic, under different monetary policy and exchange rate regimes.
WITS 2020
This book presents peer-reviewed articles from the 6th International Conference on Wireless Technologies, Embedded and Intelligent Systems (WITS 2020), held at Fez, Morocco. It presents original research results, new ideas and practical lessons learnt that touch on all aspects of wireless technologies, embedded and intelligent systems. WITS is an international conference that serves researchers, scholars, professionals, students and academicians looking to foster both working relationships and gain access to the latest research results. Topics covered include Telecoms & Wireless Networking Electronics & Multimedia Embedded & Intelligent Systems Renewable Energies.
