servicing commitments even in election periods. Policy recommendations are provided in line with the growing levels of debt …

a macroeconomic and macrosectoral view of the policy framework and its possible interaction with the agricultural sector … economywide policies. 1 Since then, there have been nontrivial changes in macroeconomic trends and policy debates, not only …

remained dominant in mainstream economics despite recurrent policy failures, contradictory theories and inconclusive revisions … manageable by macroeconomic policy guided by this analysis. We explore why this epistemological approach of the economy has … of both theories and policies. We identify a relationship of ‘epistemic entanglement’ between economics as a discipline …

economics and reality. More precisely, it asks how reality in the form of empirical evidence does or does not influence economic … from general to specific. For the general perspective, I examine the following four points of view. First, economics is a … science. Second, economics is an art. Third, economics is a competition. Forth, economics is politics. I then examine four …

inflation and smoothing the policy interest rate; and (2) ignoring financial frictions when evaluating policy rules can be …

forecasting and monetary policy analysis in low-income countries and apply it to Kenya. We use the model to run several policy … last few years, with a special emphasis on the various factors (international food prices, monetary policy) driving … inflation. Third, we perform an out-of-sample forecast to identify where the economy — and therefore policy — was likely headed …

, a typical feature of LICs, help explain this result. Our interpretation is that poor institutions, leaving fiscal policy … unconstrained, impair central banks’ ability to conduct monetary policy in a way consistent with IT. …