The objective of this paper is to empirically analyze the impact of the exchange rate on inflation in Morocco. The search for competitiveness of the economy at the international level and the maintenance of financial stability are priorities in developing countries.Indeed, the rate of exchange variable has become one of the controversies of monetary policies. This variable is taken into account in determining the level of inflation. This leads us to treat the notion of ERPT Exchange-rate pass as an indicator of the responsiveness of international prices to changes in exchange rates. Using data covering the period 1980-2019 analyzed with the ARDL model, the estimates showed that the exchange rate exerts a significant negative effect on inflation in Morocco. Thus, the exchange-rate pass through still appears as an important variable of inflation in the long run.

The objective of this paper is to empirically analyze the impact of the exchange rate on inflation in Morocco. The search for competitiveness of the economy at the international level and the maintenance of financial stability are priorities in developing countries.Indeed, the rate of variable exchange has become one of the controversies of monetary policies. This variable is taken into account in determining the level of inflation. This leads us to treat the notion of ERPT Exchange-rate pass as an indicator of the responsiveness of international prices to changes in exchange rates. Using data covering the period 1980-2019 analyzed with the ARDL model, the estimates showed that the exchange rate exerts a significant negative effect on inflation in Morocco. Thus, the exchange-rate pass through still appears as an important variable of inflation in the long run.

The objective of this paper is to empirically analyze the impact of the exchange rate on inflation in Morocco. The search for competitiveness of the economy at the international level and the maintenance of financial stability are priorities in developing countries.Indeed, the rate of exchange variable has become one of the controversies of monetary policies. This variable is taken into account in determining the level of inflation. This leads us to treat the notion of ERPT Exchange-rate pass as an indicator of the responsiveness of international prices to changes in exchange rates. Using data covering the period 1980-2019 analyzed with the ARDL model, the estimates showed that the exchange rate exerts a significant negative effect on inflation in Morocco. Thus, the exchange-rate pass through still appears as an important variable of inflation in the long run.

الهدف من هذه الورقة هو التحليل التجريبي لتأثير سعر الصرف على التضخم في المغرب. يعد البحث عن القدرة التنافسية للاقتصاد على المستوى الدولي والحفاظ على الاستقرار المالي من الأولويات في البلدان النامية، بل أصبح سعر الصرف المتغير أحد خلافات السياسات النقدية. يؤخذ هذا المتغير في الاعتبار عند تحديد مستوى التضخم. وهذا يقودنا إلى التعامل مع فكرة تمرير سعر صرف ERPT كمؤشر على استجابة الأسعار الدولية للتغيرات في أسعار الصرف. باستخدام البيانات التي تغطي الفترة 1980-2019 والتي تم تحليلها باستخدام نموذج ARDL، أظهرت التقديرات أن سعر الصرف له تأثير سلبي كبير على التضخم في المغرب. وبالتالي، لا يزال سعر الصرف يمر كمتغير مهم للتضخم على المدى الطويل.