Impact of monetary policy on the macroeconomy in Uzbekistan

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The study finds that the exchange rate channel effectively transmits monetary policy, significantly impacting inflation and output.
Analysis using impulse response functions reveals limited effects of contractionary monetary policy shocks on output.
Employing a VARX model, the research examines monthly data from 2013 to 2021, focusing on key domestic and external variables.
The findings underscore the importance of developing a robust policy framework that integrates monetary, exchange rate, and macroprudential policies.

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Analysis reveals exchange rate channel effectively influences inflation and output in Uzbekistan, indicating structural weaknesses.

Wang et al. (2025) studied this question.

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