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Do Money Targets Matter for Monetary Policy in Kenya?

Michal Andrle, Andrew Berg, Enrico Berkes, R. Armando Morales, Rafael Portillo, and Jan Vlcek

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0016
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

The framework in Chapter 15 is extended to incorporate an explicit role for money aggregates, with an application to Kenya. The chapter provides a general specification that can nest various types of ... More


On the Role of Money Targets in the Monetary Policy Framework in SSA: Insights from a New Keynesian Model with Incomplete Information

Andrew Berg, Rafael Portillo, and Filiz Unsal

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

Many low-income countries continue to describe their monetary policy framework in terms of targets on monetary aggregates. This chapter extends the New Keynesian model to provide a role for ‘M’ in ... More


Monetary Policy in Sub-Saharan Africa

Andrew Berg and Rafael Portillo

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

Most countries in sub-Saharan Africa have made great progress in stabilizing inflation over the past two decades. In about half, a hard peg provides the nominal anchor. In the rest, which are the ... More


Inflation Targeting in Uganda: What Lessons Can We Learn from Five Years of Experience?

Martin Brownbridge and Louis Kasekende

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

The Bank of Uganda introduced an inflation targeting (IT) monetary policy framework in 2011, replacing a decades-old money targeting framework. This chapter reviews Uganda’s experience and concludes ... More


Monetary Policy in Sub-Saharan Africa

Andrew Berg and Rafael Portillo (eds)

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

Having broadly stabilized inflation over the past two decades, many policymakers in sub-Saharan Africa are now asking more of their monetary policy frameworks. They are looking to avoid policy ... More


Implementation Errors and Incomplete Information: Implications for the Effects of Monetary Policy in Low-Income Countries

Rafael Portillo, Filiz Unsal, Stephen O’Connell, and Catherine Pattillo

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

This chapter shows that limited effects of monetary policy can reflect shortcomings of existing policy frameworks in low-income countries rather than (or in addition to) the structural features often ... More


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