Andrle, Michal; Berg, Andrew; Berkes, Enrico; Portillo, … - International Monetary Fund (IMF) - 2013
specification that can nest various types of money targeting (ranging from targets based on optimal money demand forecasts to those … 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 …