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A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism; How Does the Central Bank's REPO Rate Affect the Economy?
Cheng, Kevin C. - International Monetary Fund (IMF) - 2006
This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997–2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the...
Persistent link: https://www.econbiz.de/10005263733
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The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries
Ghosh, Atish R.; Basurto, Gabriela - International Monetary Fund (IMF) - 2000
Sharp exchange rate depreciations in the East Asian crisis countries (Indonesia, Korea, and Thailand) raised doubts about the efficacy of increasing interest rates to defend the currency. Using a standard monetary model of exchange rate determination, this paper shows that tighter monetary...
Persistent link: https://www.econbiz.de/10005826134
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The Cost Channel of Monetary Policy; Further Evidence for the United States and the Euro Area
Rabanal, Pau - International Monetary Fund (IMF) - 2003
increase in inflation. The model explains the joint dynamics of output, inflation, real wages, and interest rates, and is …
Persistent link: https://www.econbiz.de/10005768944
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Day-To-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate
Prati, Alessandro; Bertola, Giuseppe; Bartolini, Leonardo - International Monetary Fund (IMF) - 2000
We propose a model of the interbank money market with an explicit role for central bank intervention and periodic reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at high frequency. The model yields predictions on biweekly...
Persistent link: https://www.econbiz.de/10005769266
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How to Fight Deflation in a Liquidity Trap; Committing to Being Irresponsible
Eggertsson, Gauti B. - International Monetary Fund (IMF) - 2003
these policy instruments. It commits to higher money supply in the future so that the private sector expects inflation …
Persistent link: https://www.econbiz.de/10005599394
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Angola; Selected Issues and Statistical Appendix
International Monetary Fund (IMF); International … - 2007
anti-inflation policy that has led to a sharp decline in inflation. To institute a monetary policy framework, a nominal … currency in circulation, conduct more sophisticated tests to assess the relationship between inflation and the monetary …
Persistent link: https://www.econbiz.de/10011242840
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The Monetary Transmission Mechanism in the Tropics; A Narrative Approach
Berg, Andrew; Charry, Luisa; Portillo, Rafael A; Vlcek, Jan - International Monetary Fund (IMF) - 2013
policy that took place in 2011 in four members of the East African Community: Kenya, Uganda, Tanzania and Rwanda. We find …
Persistent link: https://www.econbiz.de/10011242205
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IS INFLATION ALWAYS AND EVERYWHERE A NON-MONETARY PHENOMENON: EVIDENCE FROM UGANDA
David, KIHANGIRE Asiimwe; Albert, MUGYENYI - EconWPA - 2005
This paper examines the determinants of Uganda’s inflation rate during 1994M7-2005M6. We test the central hypothesis … that Uganda’s inflation rate is always and everywhere a non-monetary phenomenon. A theoretical background relating … results suggest insufficient evidence to accept the research hypothesis, as Uganda’s inflation rate is significantly …
Persistent link: https://www.econbiz.de/10005125496
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Macroeconomic uncertainty, excess liquidity and stability of money demand (M3) in Australia
Fanta, Fassil - In: International Journal of Monetary Economics and Finance 5 (2012) 4, pp. 325-344
There has been limited research that explains the breakdown of the relationship between M3 and real activity after the financial deregulation in Australia. This paper contributes to the existing body of literature by examining the stability of money demand as a function of real income, interest...
Persistent link: https://www.econbiz.de/10010669714
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Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya
Andrle, Michal; Berg, Andrew; Berkes, Enrico; Portillo, … - International Monetary Fund (IMF) - 2013
We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general specification that can nest various types of money...
Persistent link: https://www.econbiz.de/10010790361