Gerrard, Christopher; Lucas, Robert; Porter, Tom - In: The Journal of International Trade & Economic Development 12 (2003) 2, pp. 185-216
We estimate and then simulate a model of Kenyan economic development from 1965 to 1997 with two objectives in mind. The first is to demonstrate the degree of volatility of cyclical shocks that developing countries experience and to calculate the domestic nominal adjustments required by these...