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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? / Kevin Cheng.
- Format:
- Book
- Government document
- Author/Creator:
- Cheng, Kevin.
- Series:
- IMF Working Papers; Working Paper ; No. 2006/300
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Electronic books. -- local.
- Monetary policy--Kenya--Econometric models.
- Money supply--Kenya.
- Local Subjects:
- Electronic books. -- local.
- Monetary policy--Kenya--Econometric models.
- Money supply--Kenya.
- Physical Description:
- 1 online resource (29 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2006.
- Language Note:
- English
- Summary:
- 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 short-term interest rate tends to be followed by a decline in prices and appreciation in the nominal exchange rate, but has insignificant impact on output. Moreover, the paper finds that variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while accounting little for output fluctuations.
- Contents:
- ""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. THE POLICY PROBLEM""; ""IV. CONCLUSIONS""; ""REFERENCES""
- Notes:
- Description based upon print version of record.
- Description based on print version record.
- ISBN:
- 9786613824523
- 9781462335664
- 1462335667
- 9781452773339
- 1452773335
- 9781283512077
- 1283512076
- 9781451910131
- 1451910134
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