Effectiveness of monetary and fiscal policies: the case of Qatar
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The controversy surrounding the effectiveness of monetary and fiscal policies is a long way from being settled. During the last three decades, oil revenues have contributed significantly to economic growth and development in Qatar, where the public sector has a substantial share in aggregate output. Judging the effectiveness of monetary and fiscal policies using a reduced form equation reveals a more effective role for fiscal policy in determining the behavior of gross national product. We would expect this role to diminish in the coming few years as financial markets develop and more financial and money market instruments are introduced.