Dynamic Effects of Monetary Policy Shocks in Malawi* - African ...

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APPENDIX CTABLE C3: Structural VAR Estimates - Generic VAR ModelSample (adjusted): 1988M03 2005M12Included observations: 214 after adjustmentsCoefficient Std. Error z-Statistic Prob.a 21 0.001328 0.013865 0.095757 0.9237a 43 0.002753 0.002381 1.156456 0.2475b 11 0.108091 0.005225 20.68816 0.0000b 22 0.021923 0.001060 20.68816 0.0000b 33 2.163468 0.104575 20.68816 0.0000b 44 0.075347 0.003642 20.68816 0.0000xiii | P a g e
xiv | P a g eAPPENDIX CTABLE C4: Structural VAR Estimates - Composite Model with TruncatedSampleEstimated A matrix:1.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000-0.007633 1.000000 0.000000 0.000000 0.000000 0.000000 0.0000000.087871 -0.208193 1.000000 -0.111557 0.111252 -0.001226 -0.266192-0.013354 -1.187919 0.000000 1.000000 0.000000 0.000000 0.000000-0.061896 0.221568 0.000000 0.000000 1.000000 0.003680 0.0000000.000000 0.000000 0.000000 2.178026 0.000000 1.000000 0.0000000.000000 0.000000 0.614035 0.333893 -0.504922 0.000756 1.000000Estimated B matrix:0.126568 0.000000 0.000000 0.000000 0.000000 0.000000 0.0000000.000000 0.013922 0.000000 0.000000 0.000000 0.000000 0.0000000.000000 0.000000 0.067558 0.000000 0.000000 0.000000 0.0000000.000000 0.000000 0.000000 0.040770 0.000000 0.000000 0.0000000.000000 0.000000 0.000000 0.000000 0.053785 0.000000 0.0000000.000000 0.000000 0.000000 0.000000 0.000000 2.308357 0.0000000.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.071345Coefficient Std. Error z-Statistic Prob. Expected Sign Right Sign?a 21 -0.007633 0.009231 -0.826883 0.4083 - a 31 0.087871 0.052475 1.674542 0.0940 + a 32 -0.013354 0.027097 -0.492834 0.6221 + a 34 -0.061896 0.035747 -1.731512 0.0834 + a 35 -0.208193 0.444451 -0.468427 0.6395 - a 36 -1.187919 0.245746 -4.833932 0.0000 - a 37 0.221568 0.324233 0.683360 0.4944 - a 41 0.614035 0.623890 0.984204 0.3250 - a 42 -0.111557 0.240466 -0.463921 0.6427 - a 51 2.178026 4.393726 0.495713 0.6201 + a 52 0.333893 0.136933 2.438360 0.0148 + a 56 0.111252 0.298593 0.372586 0.7095 - a 64 -0.504922 0.110127 -4.584901 0.0000 + a 73 -0.001226 0.002593 -0.472719 0.6364 - a 74 0.003680 0.001954 1.883492 0.0596 + a 75 0.000756 0.002670 0.283020 0.7772 + a 76 -0.266192 0.567014 -0.469462 0.6387 - b 11 -0.126568 0.007510 -16.85230 0.0000b 22 0.013922 0.000826 16.85230 0.0000b 33 -0.067558 0.020611 -3.277832 0.0010b 44 0.040770 0.002419 16.85230 0.0000b 55 -0.053785 0.003192 -16.85230 0.0000b 66 -2.308357 0.136976 -16.85230 0.0000b 77 0.071345 0.011029 6.468919 0.000011
Page 1 and 2: University of Cape TownSchool of ec
Page 3 and 4: Among the few studies undertaken on
Page 5 and 6: Interest Rate (Percent)In line with
Page 7 and 8: 3.2. Identification of Structural S
Page 9 and 10: The non-zero coefficients and in ma
Page 11 and 12: only the price level in the long ru
Page 13: long-run relationships in a linear
Page 16 and 17: Percent(RM-Innovations)Percent (BR-
Page 18 and 19: Figure 4.4 also shows that an expan
Page 20 and 21: Table 4.1 also reveals that the dif
Page 22 and 23: To determine the importance of the
Page 24 and 25: FIGURE 4.7: Impulse Responses for t
Page 26 and 27: Figure 4.9:Responses to Structural
Page 28 and 29: ates) is re-estimated with the samp
Page 30 and 31: TABLE 4.2: Variance Decomposition -
Page 32 and 33: authorities pursue both price stabi
Page 34 and 35: Dabla-Norris, E., & Floerkemeier, H
Page 36 and 37: APPENDIX AInterpolation of GDP usin
Page 38 and 39: GDPMalawi Kwacha (millions)about 10
Page 40 and 41: APPENDIX BB-1.0. Data PropertiesCoi
Page 42 and 43: Table B1: Stationarity ResultsVaria
Page 44 and 45: Table B3: Johansen Cointegration Te
Page 46 and 47: APPENDIX CTABLE C1: Roots of Charac
Page 50 and 51: APPENDIX CTABLE C5: Roots of Charac
Page 52 and 53: APPENDIX DFIGURE D1:Impulse Respons

Dynamic Effects of Monetary Policy Shocks in Malawi* - African ...

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