The paper looks at the challenges of conducting monetary policy in a context of high dollarization of the banking … available to enhance the effectiveness of monetary policy are limited. After exploring the pros and cons of different exchange … regimes we conclude that strengthening the current monetary policy framework remains the first-best option, given the country …

in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general … systematic role in monetary policy, and (iii) target misses mainly reflect shocks to money demand. Simulations of the model under …. Our findings highlight the benefits of a model-based approach to monetary policy analysis in LICs, including in countries …

Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks …. Here we take a narrative approach, following Romer and Romer (1989), and center on a significant tightening of monetary … policy that took place in 2011 in four members of the East African Community: Kenya, Uganda, Tanzania and Rwanda. We find …

types of financial frictions and monetary policy causes larger effects, on average. The New Keynesian DSGE models we analyze … for the conduct of monetary policy. …

frameworks and some have implemented or are moving towards inflation targeting (IT) regimes. Strengthening the monetary policy … frameworks of CADR is key to improving the effectiveness of monetary policy. The paper reviews the literature on the reforms … needed for strengthening the monetary policy frameworks, and examines the experiences of IT countries, Chile, Peru, and …

India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy … growth objective for monetary policy with an interest rate instrument - outperform contemporaneous and backward …

effectiveness of monetary policy in such countries is an important challenge. …

Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i … importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary … policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflationâ …

€™ fiscal and external balances, financial conditions and monetary policy. The purpose of this paper is to estimate how adoption …