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The Design and Effects of Monetary Policy in Sub-Saharan African Countries-super- †

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  • Mohsin S. Khan

Abstract

Since the 1990s there have been a number of major changes in the design and conduct of monetary policy. In a globalised environment, there is greater need to achieve closer convergence of economic performance among trading partners. As a result, a number of developing countries have adopted exchange rate regimes with more flexibility, and thereby greater scope for monetary policy. Notable examples include a number of Sub-Saharan African countries moving from fixed exchange-rate regimes to more flexible regimes and the adoption of formal or informal inflation targeting regimes by some of these countries. These changes have triggered considerable debate on how monetary policy should be conducted and the effects it has on the real economy. Copyright 2011 The author 2011. Published by Oxford University Press on behalf of the Centre for the Study of African Economies. All rights reserved. For permissions, please email: journals.permissions@oup.com, Oxford University Press.

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Bibliographic Info

Article provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.

Volume (Year): 20 (2011)
Issue (Month): suppl_2 (May)
Pages: -ii35

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Handle: RePEc:oup:jafrec:v:20:y:2011:i:suppl_2:p:-ii35

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  1. V. V. Chari & Patrick J. Kehoe, 2006. "Modern macroeconomics in practice: how theory is shaping policy," Staff Report 376, Federal Reserve Bank of Minneapolis.
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  8. Bennett T. McCallum, 2004. "Misconceptions Regarding Rules vs. Discretion for Monetary Policy," Cato Journal, Cato Journal, Cato Institute, vol. 23(3), pages 365-372, Winter.
  9. Calvo, Guillermo A, 1978. "On the Time Consistency of Optimal Policy in a Monetary Economy," Econometrica, Econometric Society, vol. 46(6), pages 1411-28, November.
  10. Fischer, Stanley, 1993. "The role of macroeconomic factors in growth," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 485-512, December.
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