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Monetary Policy in Sub-Saharan Africa$
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Andrew Berg and Rafael Portillo

Print publication date: 2018

Print ISBN-13: 9780198785811

Published to Oxford Scholarship Online: April 2018

DOI: 10.1093/oso/9780198785811.001.0001

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Introduction to Part II

Introduction to Part II

(p.135) Chapter 7 Introduction to Part II
Monetary Policy in Sub-Saharan Africa

Andrew Berg

Rafael Portillo

Oxford University Press

Part II of the book reflects on the authors’ efforts to use simple dynamic general equilibrium models to analyse monetary policy issues facing countries in sub-Saharan Africa. This overview explains the genesis of this research agenda, both in terms of the approach and the choice of topics. Experience in the operational aspects of the IMF’s work suggested that better policy analysis—including with respect to the response to supply shocks, exchange rate management, and the modernization of policy regimes—would benefit from greater use of these models, suitably adjusted to incorporate structural features of low-income countries. Compared to Part III, the analysis in Part II is on qualitative insights from more structural micro-founded models, which are meant to provide general guidance and ultimately undergird the more country-specific and operational applications.

Keywords:   DSGE models, monetary policy, low-income countries, developing countries, sub-Saharan Africa

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