X
feed icon rss

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
  • 1
    Online Resource
    Online Resource
    Forecasting and Monetary Policy Analysis in Low-Income Countries : Food and non-Food Inflation in Kenya (2013)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_84581950X
    Format: Online-Ressource (63 p)
    Edition: Online-Ausg.
    ISBN: 1475537441 , 9781475537444
    Series Statement: IMF Working Papers Working Paper No. 13/61
    Content: We develop a semi-structural new-Keynesian open-economy model, with separate food and non-food inflation dynamics, for forecasting and monetary policy analysis in low-income countries and apply it to Kenya. We use the model to run several policy-relevant exercises. First, we filter international and Kenyan data (on output, inflation and its components, exchange rates and interest rates) to recover a model-based decomposition of most variables into trends (or potential values) and temporary movements (or gaps)—including for the international and domestic relative price of food. Second, we use the filtration exercise to recover the sequence of domestic and foreign macroeconomic shocks that account for business cycle dynamics in Kenya over the last few years, with a special emphasis on the various factors (international food prices, monetary policy) driving inflation. Third, we perform an out-of-sample forecast to identify where the economy—and therefore policy—was likely headed given the inflationary pressures at the end of our sample (2011Q2). We find that while imported food price shocks have been an important source of inflation, both in 2008 and more recently, accommodating monetary policy has also played a role, most notably through its effect on the nominal exchange rate. The model correctly predicted that a policy tightening was required, although the actual interest rate increase was larger. We discuss implications for the use of model-based policy analysis in low income countries
    Additional Edition: Erscheint auch als Druck-Ausgabe Andrle, Michal Forecasting and Monetary Policy Analysis in Low-Income Countries: Food and non-Food Inflation in Kenya Washington, D.C. : International Monetary Fund, 2013 ISBN 9781475537444
    Language: English
    DOI: 10.5089/9781475537444.001
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Stabi Berlin
    FU Berlin
    Charité
  • 2
    Online Resource
    Online Resource
    Exchange Rate Uncertainty in Money-Based Stabilization Programs (1998)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845871595
    Format: Online-Ressource (18 p)
    Edition: Online-Ausg.
    ISBN: 1451841876 , 9781451841879
    Series Statement: IMF Working Papers Working Paper No. 98/3
    Content: Complementing the explanation provided by Calvo and Vegh (1994) for money-based stabilization programs, exchange rate uncertainty introduced to a particular version of the portfolio approach with imperfect competition in the banking system leads to a bias toward appreciation that is directly related to the divergence of expectations and that dampens the interaction between portfolio movements and the real exchange rate. Based on Frankel-Froot, uncertainty exists when the fundamental equilibrium real exchange rate is temporarily unknown in a foreign exchange market with two types of agents: ‘parity-guessers,’ who expect a jump to a reference parity level, and ‘money-followers,’ who expect nominal depreciation equal to the monetary rule
    Additional Edition: Erscheint auch als Druck-Ausgabe Morales, R Exchange Rate Uncertainty in Money-Based Stabilization Programs Washington, D.C. : International Monetary Fund, 1998 ISBN 9781451841879
    Language: English
    DOI: 10.5089/9781451841879.001
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Stabi Berlin
  • 3
    Book
    Book
    Determinants of growth in an error-correction model for El Salvador (1998)
    [Washington, DC] : Internat. Monetary Fund, Western Hemisphere Dep.
    Details
    UID:
    gbv_258353260
    Format: 24 S , graph. Darst
    Series Statement: IMF working paper 98/104
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Book
    Ibero-Amerik. Institut get availability status
  • 4
    Book
    Book
    Exchange rate uncertainty in money-based stabilization programs (1998)
    [Washington, DC] : Internat. Monetary Fund, Western Hemisphere Dep.
    Details
    UID:
    gbv_258198001
    Format: 18 S
    Series Statement: IMF working paper 98/3
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Book
    Ibero-Amerik. Institut get availability status
  • 5
    Online Resource
    Online Resource
    Money targeting in a modern forecasting and policy analysis system : an application to Kenya (2013)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845809377
    Format: Online-Ressource (44 p)
    Edition: Online-Ausg.
    ISBN: 1475538006 , 9781475538007
    Series Statement: IMF Working Papers Working Paper No. 13/239
    Content: We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general specification that can nest various types of money targeting (ranging from targets based on optimal money demand forecasts to those derived from simple money growth rules), interest-rate based frameworks, and intermediate cases. Our framework acknowledges that ex-post adherence to targets is in itself an objective of policy in LICs; here we provide a novel interpretation of target misses in terms of structural shocks (aggregate demand, policy, shocks to money demand, etc). In the case of Kenya, we find that: (i) the setting of money targets is consistent with money demand forecasting, (ii) targets have not played a systematic role in monetary policy, and (iii) target misses mainly reflect shocks to money demand. Simulations of the model under alternative policy specifications show that the stronger the ex-post target adherence, the greater the macroeconomic volatility. Our findings highlight the benefits of a model-based approach to monetary policy analysis in LICs, including in countries with money-targeting frameworks
    Additional Edition: Erscheint auch als Druck-Ausgabe Andrle, Michal Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya Washington, D.C. : International Monetary Fund, 2013 ISBN 9781475538007
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781475538007.001
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Stabi Berlin
  • 6
    Online Resource
    Online Resource
    Monetary policy implementation and volatility transmission along the yield curve : the case of Kenya (2016)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_896628264
    Format: 1 Online-Ressource (circa 30 Seiten) , Illustrationen
    ISBN: 9781498313377
    Series Statement: IMF working paper WP/16, 120
    Content: This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a forward-looking approach, relative to seven other inflation targeting (IT) countries (Ghana, Hungary, Poland, South Africa, Sweden, Thailand, and Uganda). Kenya shows strong volatility transmission and high persistence similar to other countries in transition to a more forward-looking monetary policy framework. These results emphasize the importance of a strong commitment to an interbank rate as an operational target and suggest that the central bank could reduce uncertainty in short-term yields significantly by smoothing out the overnight interest rates around the policy rate
    Additional Edition: Erscheint auch als Druck-Ausgabe Alper, Emre Monetary Policy Implementation and Volatility Transmission along the Yield Curve: The Case of Kenya Washington, D.C. : International Monetary Fund, 2016 ISBN 9781498313377
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    DOI: 10.5089/9781498313377.001
    URL: kostenfrei
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    Fulltext
    Stabi Berlin
Nothing or not found what you are looking for? Please check your search query or use the Interlibrary Loan Search.
Close ⊗
This website uses cookies and the analysis tool Matomo. Further information can be found on the KOBV privacy pages