- Title Pages
- Series Preface
- List of Illustrations
- List of Tables
- List of Contributors
- Chapter 1 Monetary Policy in Sub-Saharan Africa
- Chapter 2 Inflation Targeting in Uganda
- Chapter 3 Introduction to Part I
- Chapter 4 Economic Fluctuations in Sub-Saharan Africa
- Chapter 5 The Monetary Transmission Mechanism
- Chapter 6 Identifying the Monetary Transmission Mechanism in Sub-Saharan Africa
- Chapter 7 Introduction to Part II
- Chapter 8 On the Role of Money Targets in the Monetary Policy Framework in SSA
- Chapter 9 Implementation Errors and Incomplete Information
- Chapter 10 On the First-Round Effects of International Food Price Shocks
- Chapter 11 Implications of Food Subsistence for Monetary Policy and Inflation
- Chapter 12 The Short-Run Macroeconomics of Aid Inflows
- Chapter 13 Modelling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New Keynesian Framework
- Chapter 14 Introduction to Part III
- Chapter 15 On the Sources of Inflation in Kenya
- Chapter 16 Do Money Targets Matter for Monetary Policy in Kenya?
- Chapter 17 Monetary Policy in Low-Income Countries in the Face of the Global Crisis
- Chapter 18 Introducing a Semi-Structural Macroeconomic Model for Rwanda
- Chapter 19 Inflation Forecast Targeting in a Low-Income Country
- Chapter 20 A Structural Analysis of the Determinants of Inflation in the CEMAC Region
Introduction to Part I
Introduction to Part I
- (p.57) Chapter 3 Introduction to Part I
- Monetary Policy in Sub-Saharan Africa
- Oxford University Press
Developing an understanding of monetary policy in LICs must start with the evidence. This chapter briefly reviews the challenges facing the empirical researcher in SSA, including scarce and inaccurate data, short policy regimes that make powerful inference difficult, and the lack of structural models to help interpret the data. It provides an overview of Chapters 4–6, which take three very different approaches to looking at these data: a broad search for cross-country stylized facts (Chapter 4), a detailed case study of a major monetary policy event (Chapter 5), and an examination of whether vector auto-regressions (VARs)—the workhorse empirical tool in this area—are likely to yield useful results in the SSA context (Chapter 6).
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