, Uganda (both de jure money targeters), and Ghana (a de jure inflation targeter), and compare the de facto adherence to …

We develop a semi-structural new-Keynesian open-economy model, with separate food and non-food inflation dynamics, for …-relevant exercises. First, we filter international and Kenyan data (on output, inflation and its components, exchange rates and interest … inflation. Third, we perform an out-of-sample forecast to identify where the economy—and therefore policy—was likely headed …

-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be …

developing countries. We define first-round effects as changes in headline inflation that, holding core inflation constant, help …