论文部分内容阅读
This thesis evaluated the impact of monetary policy on economic growth in Liberia for the period 2006-2015.In the models specified,Real Gross Domestic product(Real GDP)Inflation rate(INF)andthe Balance of Payment were the dependent variables while Broad Money Supply(M2),Real Exchange Rate(RER) were the independent variables.The research makes use of secondary data of Real GDP,Inflation rate (INF),Balance of Payment(BOP),broad money supply(M2)the real exchange rates(RER)for the period 2006-2015.The relevant statistics were sourced or compiled from the Central Bankof Liberia(CBL)Annual Reports and Statistical Bulletins for the period under review.The statistical techniques used for the analysis is the Ordinary Least Square techniques with the aid of STATA14 software package.The study reveals that the monetary policy target,Real Exchange Rate(RER),failed to influence economic growth while the Broad Money Supply(M2)being the only monetary policy variable was significant enough to explain economic growth in Liberia for the period under review.The study established that the poor performance of monetary policy is mainly causedby the delay between the policy applications and its results(time lags)which in term hinder economic growth.It also identifies that the lack of independence of the Central Bank of Liberia(CBL),like in most developing countries, is one of the major impediments to the effectiveness ofthe monetary policy in Liberia.Notwithstanding,the effectiveness of monetary policy in influencing economic growth in Liberia can be encouraged by the appropriate emphasis of the Broad Money Supply(M2)and then maintaining a steady Real Exchange Rate(RER)in the Liberian economy.