Aluno: Mateus JosÉ Manuel Maquiadi
Resumo
This study examines the effectiveness of monetary policy in controlling inflation in Angola,
an economy highly exposed to oil-price volatility and exchange-rate shocks. Using monthly
data from 2012–2025 and the Local Projections method of Jordà (2005), the paper evaluates how key policy instruments influence inflation dynamics. Results show that neither
the BNA policy rate nor the marginal lending Facility rate generates significant price
adjustments, indicating weak interest-rate transmission. Changes in reserve requirements
produce only temporary effects, while broad money (M2) growth has no measurable impact. By contrast, exchange-rate shocks generate immediate and persistent pass-through
to prices. Overall, Angola’s inflation is mainly driven by external and structural forces,
underscoring the need for stronger monetary transmission mechanisms.
Trabalho final de Mestrado