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Author Cheng, Kevin C., author

Title A VAR analysis of Kenya's monetary policy transmission mechanism : how does the central bank's REPO rate affect the economy? / prepared by Kevin C. Cheng
Published [Washington, D.C.] : International Monetary Fund, 2006
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Description 1 online resource (26 pages) : illustrations
Series IMF working paper ; WP/06/300
IMF working paper ; WP/06/300
Contents Table of Contents; I. INTRODUCTION; II. INSTITUTIONAL BACKGROUND AND STYLIZED FACTS; III. A VAR MODEL FOR KENYA; IV. CONCLUDING REMARKS; APPENDIX. A ROBUSTNESS ANALYSIS; REFERENCES
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
Bibliography Includes bibliographical references (page 26)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Monetary policy -- Kenya -- Econometric models.
Money supply -- Kenya.
Form Electronic book
Author International Monetary Fund. African Department.
ISBN 1283512076
1451910134
9781283512077
9781451910131