A VAR analysis of Kenya's monetary policy transmission mechanism : how does the central bank's REPO rate affect the economy? / prepared by Kevin C. Cheng.
This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997-2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the short-term...
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