Monetary policy in sub-Saharan Africa / edited by Andrew Berg and Rafael Portillo.

Format:

Book

Contributor:

Berg, Andrew, editor.

Series:

Africa, policies for prosperity

Africa: Policies for prosperity series

Language:

English

Subjects (All):

Monetary policy--Africa, Sub-Saharan.

Monetary policy.

Africa, Sub-Saharan--Economic conditions.

Africa, Sub-Saharan.

Sub-Saharan Africa.

Economic conditions.

Physical Description:

xxvii, 445 pages : illustrations, map ; 24 cm.

Edition:

First edition.

Place of Publication:

Oxford, United Kingdom : Oxford University Press, 2018.

Summary:

Low-income countries in sub-Saharan Africa present unique monetary policy challenges, from the high share of volatile food in consumption to underdeveloped financial markets; however most academic and policy work on monetary policy is aimed at much richer countries. Can economic models and methods invented for rich countries even be adapted and applied here? How does and should monetary policy work in sub-Saharan African? 'Monetary Policy in Sub-Saharan Africa' answers these questions and provides practical tools and policy guidance to respond to the complex challenges of this region.

Contents:

1 Monetary Policy in Sub-Saharan Africa / Andrew Berg Berg, Andrew, Rafael Portillo Portillo, Rafael 1

2 Inflation Targeting in Uganda: What Lessons Can We Learn from Five Years of Experience? / Martin Brownbridge Brownbridge, Martin, Louis Kasekende Kasekende, Louis 33

Part I Empirical Evidence

3 Introduction to Part I / Andrew Berg Berg, Andrew, Rafael Portillo Portillo, Rafael 57

4 Economic Fluctuations in Sub-Saharan Africa / Giovanni Melina Melina, Giovanni, Rafael Portillo Portillo, Rafael 61

5 The Monetary Transmission Mechanism: Lessons from a Dramatic Event / Andrew Berg Berg, Andrew, Jan Vlcek Vlcek, Jan, Luisa Charry Charry, Luisa, Rafael Portillo Portillo, Rafael 89

6 Identifying the Monetary Transmission Mechanism in Sub-Saharan Africa / Bin Grace Li Li, Bin Grace, Christopher Adam Adam, Christopher, Andrew Berg Berg, Andrew, Peter Montiel Montiel, Peter, Stephen O'Connell O'Connell, Stephen 112

Part II Analytical Issues Relevant for Monetary Policy Analysis in Sub-Saharan Africa

7 Introduction to Part II / Andrew Berg Berg, Andrew, Rafael Portillo Portillo, Rafael 135

8 On the Role of Money Targets in the Monetary Policy Framework in SSA: Insights from a New Keynesian Model with Incomplete Information / Andrew Berg Berg, Andrew, Rafael Portillo Portillo, Rafael, Filiz Unsal Unsal, Filiz 143

9 Implementation Errors and Incomplete Information: Implications for the Effects of Monetary Policy in Low-Income Countries / Rafael Portillo Portillo, Rafael, Filiz Unsal Unsal, Filiz, Stephen O'Connell O'Connell, Stephen, Catherine Pattillo Pattillo, Catherine 163

10 On the First-Round Effects of International Food Price Shocks / Rafael Portillo Portillo, Rafael, Luis-Felipe Zanna Zanna, Luis-Felipe 169

11 Implications of Food Subsistence for Monetary Policy and Inflation / Rafael Portillo Portillo, Rafael, Luis-Felipe Zanna Zanna, Luis-Felipe, Stephen O'Connell O'Connell, Stephen, Richard Peck Peck, Richard 186

12 The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and International Reserve Policy / Andrew Berg Berg, Andrew, Tokhir Mirzoev Mirzoev, Tokhir, Rafael Portillo Portillo, Rafael, Luis-Felipe Zanna Zanna, Luis-Felipe 210

13 Modelling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New Keynesian Framework / Jaromir Benes Benes, Jaromir, Andrew Berg Berg, Andrew, Rafael Portillo Portillo, Rafael, David Vavra Vavra, David 232

Part III Applied Models for Policy Analysis and Forecasting in SSA: Selected Case Studies

14 Introduction to Part III / Andrew Berg Berg, Andrew, Rafael Portillo Portillo, Rafael 265

15 On the Sources of Inflation in Kenya: A Model-Based Approach / Michal Andrle Andrle, Michal, Andrew Berg Berg, Andrew, R. Armando Morales Morales, R. Armando, Rafael Portillo Portillo, Rafael, Jan Vlcek Vlcek, Jan 274

16 Do Money Targets Matter for Monetary Policy in Kenya? / Michal Andrle Andrle, Michal, Andrew Berg Berg, Andrew, Enrico Berkes Berkes, Enrico, R. Armando Morales Morales, R. Armando, Rafael Portillo Portillo, Rafael, Jan Vlcek Vlcek, Jan 309

17 Monetary Policy in Low-Income Countries in the Face of the Global Crisis: A Structural Analysis / Alfredo Baldini Baldini, Alfredo, Jaromir Benes Benes, Jaromir, Andrew Berg Berg, Andrew, Mai C. Dao Dao, Mai C., Rafael Portillo Portillo, Rafael 336

18 Introducing a Semi-Structural Macroeconomic Model for Rwanda / Luisa Charry Charry, Luisa, Pranav Gupta Gupta, Pranav, Vimal Thakoor Thakoor, Vimal 375

19 Inflation Forecast Targeting in a Low-Income Country: The Case of Ghana / Ali Alichi Alichi, Ali, Marshall Mills Mills, Marshall, Douglas Laxton Laxton, Douglas, Hans Weisfeld Weisfeld, Hans 398

20 A Structural Analysis of the Determinants of Inflation in the CEMAC Region / Rafael Portillo Portillo, Rafael 418.

Notes:

Includes bibliographical references and index.

ISBN:

019878581X

9780198785811

OCLC:

1005107363