A VAR analysis of Kenya's monetary policy transmission mechanism : how does the central bank's REPO rate affect the economy? /

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...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Cheng, Kevin C. (Autor)
Autor Corporativo: International Monetary Fund. African Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, 2006.
Colección:IMF working paper ; WP/06/300.
Temas:
Monetary policy > Kenya > Econometric models.
Money supply > Kenya.
Monetary policy > Kenya.
Banques centrales > Kenya.
Politique monétaire > Kenya.
Politique monétaire > Kenya > Modèles économétriques.
Monetary policy
Economic history
Monetary policy > Econometric models
Money supply
Kenya > Economic conditions.
Kenya > Conditions économiques.
Kenya
Acceso en línea:Texto completo
Descripción
Sumario: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.
Descripción Física:1 online resource (26 pages) : illustrations
Bibliografía:Includes bibliographical references (page 26).
ISBN:1283512076
9781283512077
9781451910131
1451910134
ISSN:2227-8885 ;

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