Auteur 1 : SAIKAK Moulay-driss.
Auteur 2 : RAOUF Radouane.


monetary policy, central bank independence, SVAR.


The objective of independent central banks is to ensure price stability in order to achieve
macroeconomic stability, because controlling inflation depends on the effect of monetary policy
on activity. So central banks have two mandates. They act on the interest rate based on the
economic situation. In order to verify the effectiveness of monetary policy within the
framework of the independence of the central bank, we mobilized a SVAR model for the
Moroccan case. The study covers two separate periods on a quarterly basis (1994 to 2005 and
2006 to 2020) to take account of the effective implementation of independence. The results
imply an efficient transmission of monetary policy



Vol. 3 No 6 (2021)