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This paper undertakes a survey of theoretical considerations and an analysis of the experience of five African countries with interest rate liberalization. Despite substantial progress in monetary policy reforms, liberalization has only partially affected the level and variability of interest...
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de facto pursuing a strategy more akin to a Taylor Rule. Estimations of small-scale models for Kenya, Uganda and Tanzania … place in Kenya and Tanzania. In Uganda, these errors are much smaller, in fact similar in size to Taylor Rule deviations …
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in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general … target misses in terms of structural shocks (aggregate demand, policy, shocks to money demand, etc). In the case of Kenya, we …
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