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2008
INTERNATIONAL MONETARY FUND
INTERNATIONAL MONETARY FUND
1934-7685 | 2227-8907
EPUB
Country Report No. 08/93
9781452775937 | 9781452709406 | 9781452775937 | 9781462329137

This paper analyzes the workings and effectiveness of the monetary transmission mechanism in Papua New Guinea. The paper is organized as follows: it describes the current institutional structure in Papua New Guinea; interest rate is discussed; the evidence from vector autoregression analysis on the relationship between monetary policy variables and output and prices is considered; finally, implications are included. The Bank of Papua New Guinea (BPNG) uses a reserve money framework to conduct monetary policy operations. A macroeconomic balance approach estimates the REER, which simultaneously achieves internal and external balance.

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