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Record Nr. |
UNINA9910788416003321 |
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Autore |
Cheng Kevin |
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Titolo |
A VAR Analysis of Kenya’s Monetary Policy Transmission Mechanism : : How Does the Central Bank’s REPO Rate Affect the Economy? / / Kevin Cheng |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-3566-7 |
1-4527-7333-5 |
1-283-51207-6 |
1-4519-1013-4 |
9786613824523 |
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Descrizione fisica |
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1 online resource (29 p.) |
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Collana |
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Soggetti |
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Electronic books. -- local |
Monetary policy -- Kenya -- Econometric models |
Money supply -- Kenya |
Banks and Banking |
Econometrics |
Foreign Exchange |
Money and Monetary Policy |
Interest Rates: Determination, Term Structure, and Effects |
Monetary Policy |
Time-Series Models |
Dynamic Quantile Regressions |
Dynamic Treatment Effect Models |
Diffusion Processes |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Finance |
Monetary economics |
Currency |
Foreign exchange |
Econometrics & economic statistics |
Short term interest rates |
Nominal effective exchange rate |
Monetary transmission mechanism |
Vector autoregression |
Monetary base |
Interest rates |
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Monetary policy |
Money supply |
Kenya |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. THE POLICY PROBLEM""; ""IV. CONCLUSIONS""; ""REFERENCES"" |
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Sommario/riassunto |
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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. |
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