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We explore monetary policy transmission by estimating VAR impulse response functions to illustrate the Belarusian economy's response to unexpected changes in policy and exogenous variables. We find a significant exchange rate pass-through to prices, and interest rate policy following, rather than leading, financial market developments. Our estimated monetary policy reaction function shows the central bank striking a balance between real exchange rate stability and containing inflation. We discuss dollarization, administrative interventions, and other features complicating monetary policy transmission, review specific constraints and vulnerabilities, and conclude with observations on possible measures that could raise the effectiveness of monetary policy in Belarus.

Electronic books. -- local. --- Monetary policy -- Belarus -- Mathematical models. --- Money supply -- Belarus -- Mathematical models. --- Finance --- Business & Economics --- Money --- Monetary policy --- Money supply --- Mathematical models. --- Money stock --- Quantity of money --- Supply of money --- Monetary management --- Demand for money --- Economic policy --- Currency boards --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Price Level --- Deflation --- Money Supply --- Credit --- Money Multipliers --- Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Currency --- Foreign exchange --- Monetary economics --- Macroeconomics --- Exchange rates --- Real exchange rates --- Dollarization --- Currencies --- Prices --- Belarus, Republic of