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This paper investigates the effectiveness of monetary policy instruments under dollarization in association with economic growth and inflation using 30 countries from 2000 to 2016. The estimation results indicate that first, the monetary aggregates, M2, are more relevant policy instruments while the interest rates including policy rates exhibit overall limited effectiveness under dollarization. Second, the effectiveness of monetary aggregates in association with economic growth is more significant and sizable in the countries with floating exchange rates. Finally, the relevancy of interest rate rules for monetary policies is relatively improved for the de-dollarization countries.

The effectiveness of monetary policy instruments under dollarization: a cross-country analysis