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 …

instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a …, Sweden, Thailand, and Uganda). Kenya shows strong volatility transmission and high persistence similar to other countries in …

forecasting and monetary policy analysis in low-income countries and apply it to Kenya. We use the model to run several policy … recover the sequence of domestic and foreign macroeconomic shocks that account for business cycle dynamics in Kenya over the …