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Monetary Policy in Sub-Saharan Africa

Andrew Berg and Rafael Portillo


Having broadly stabilized inflation over the past two decades, many policymakers in sub-Saharan Africa are now asking more of their monetary policy frameworks. They are looking to avoid policy misalignments and respond appropriately to both domestic and external shocks, including swings in fiscal policy and spikes in food and export prices. In many cases they are finding current regimes—often characterized as ‘money targeting’—lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. At the sam ... More

Keywords: Monetary policy, sub-Saharan Africa, macroeconomic models, inflation targeting, money targeting, exchange rate management

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9780198785811
Published to Oxford Scholarship Online: April 2018 DOI:10.1093/oso/9780198785811.001.0001


Affiliations are at time of print publication.

Andrew Berg, editor
Deputy Director, Institute for Capacity Development, International Monetary Fund

Rafael Portillo, editor
Deputy Division Chief, Economic Modelling Division, Research Department, International Monetary Fund

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Chapter 1 Monetary Policy in Sub-Saharan Africa

Andrew Berg and Rafael Portillo

Chapter 2 Inflation Targeting in Uganda

Martin Brownbridge and Louis Kasekende

Part I Empirical Evidence

Chapter 3 Introduction to Part I

Andrew Berg and Rafael Portillo

Chapter 4 Economic Fluctuations in Sub-Saharan Africa

Giovanni Melina and Rafael Portillo

Chapter 5 The Monetary Transmission Mechanism

Andrew Berg, Jan Vlcek, Luisa Charry, and Rafael Portillo

Chapter 6 Identifying the Monetary Transmission Mechanism in Sub-Saharan Africa

Bin Grace Li, Christopher Adam, Andrew Berg, Peter Montiel, and Stephen O’Connell

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

Chapter 7 Introduction to Part II

Andrew Berg and Rafael Portillo

Chapter 9 Implementation Errors and Incomplete Information

Rafael Portillo, Filiz Unsal, Stephen O’Connell, and Catherine Pattillo

Chapter 11 Implications of Food Subsistence for Monetary Policy and Inflation

Rafael Portillo, Luis-Felipe Zanna, Stephen O’Connell, and Richard Peck

Chapter 12 The Short-Run Macroeconomics of Aid Inflows

Andrew Berg, Tokhir Mirzoev, Rafael Portillo, and Luis-Felipe Zanna

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

Chapter 14 Introduction to Part III

Andrew Berg and Rafael Portillo

Chapter 15 On the Sources of Inflation in Kenya

Michal Andrle, Andrew Berg, R. Armando Morales, Rafael Portillo, and Jan Vlcek

Chapter 16 Do Money Targets Matter for Monetary Policy in Kenya?

Michal Andrle, Andrew Berg, Enrico Berkes, R. Armando Morales, Rafael Portillo, and Jan Vlcek

Chapter 17 Monetary Policy in Low-Income Countries in the Face of the Global Crisis

Alfredo Baldini, Jaromir Benes, Andrew Berg, Mai C. Dao, and Rafael Portillo

Chapter 18 Introducing a Semi-Structural Macroeconomic Model for Rwanda

Luisa Charry, Pranav Gupta, and Vimal Thakoor

Chapter 19 Inflation Forecast Targeting in a Low-Income Country

Ali Alichi, Marshall Mills, Douglas Laxton, and Hans Weisfeld

End Matter