Study finds support for Reserve Bank of Fiji's targeting of overnight policy rate


Findings presented in a Reserve Bank of Fiji working paper support the choice of an interest rate-targeting arrangement for Fiji where the operating target of monetary policy is the overnight policy rate.

Money demand estimation for Fiji, by Bedika Lachmi Mala, uses quarterly data for a 10-year period, "comprehensively estimat[ing] all potential money demand equations within the ambit of monetary policy".

"Of the numerous money demand systems estimated, the monetary aggregate that most closely

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