This replication package evaluates monetary policy's impact on the financial cycle using macroeconomic data, suggesting effective stabilization techniques.
This replication package contains the MATLAB codes and data required to reproduce the empirical results and simulations presented in the paper “Stabilizing the Financial Cycle: The Role of Monetary Policy in a Semi-Structural Model.” The package includes scripts for data processing, model calibration, Bayesian estimation, robustness and sensitivity analysis, impulse response simulations, and policy evaluation using a quadratic loss function. The model is implemented in MATLAB using the IRIS Toolbox. The dataset used in the analysis is based on macroeconomic and financial indicators for Morocco obtained from Bank Al-Maghrib, Eurostat, and the International Monetary Fund. The codes are organized following a structured execution protocol described in the README file to facilitate full replication of the results reported in the paper. This replication package allows researchers to reproduce the estimation results, impulse response functions, robustness checks, and policy simulations presented in the article.
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ACHMAKOU Lahoucine (2026) studied this question.
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