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How Useful Is Monetary Econometrics in Low-Income Countries? The Case of Money Demand and the Multipliers in Rwanda

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C. Gabriel Di Bella
David Hauner

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Abstract

This paper revisits the usefulness of econometric monetary analysis in low-income countries in a case study on Rwanda, an interesting case given its floating exchange rate and reliance on indirect monetary policy instruments on the one hand, and its somewhat typical data and institutional shortcomings on the other hand. The findings are generally encouraging for the use of econometric models for monetary analysis in low-income countries. Notwithstanding substantial qualifications, time series and structural models of the money multiplier and money demand yield results that are statistically and economically reasonable enough to usefully inform policymaking.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/178.

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Length: 23 pages
Date of creation: 21 Sep 2005
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Handle: RePEc:imf:imfwpa:05/178

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Keywords: Demand for money ; Rwanda ; Monetary policy ; Economic models ;

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  1. Frost, Peter A, 1977. "Short-Run Fluctuations in the Money Multiplier and Monetary Control," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 9(1), pages 165-81, February. [Downloadable!] (restricted)
  2. Oya Celasun & Mangal Goswami, 2002. "An Analysis of Money Demand and Inflation in the Islamic Republic of Iran," IMF Working Papers 02/205, International Monetary Fund. [Downloadable!]
  3. Michelle R. Garfinkel & Daniel L. Thornton, 1991. "The multiplier approach to the money supply process: a precautionary note," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 47-64. [Downloadable!]
  4. Beenstock, Michael, 1989. "The Determinants of the Money Multiplier in the United Kingdom," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(4), pages 464-80, November. [Downloadable!] (restricted)
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  5. Albert E. Burger & Robert H. Rasche, 1977. "Revision of the monetary base," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 13-28. [Downloadable!]
  6. Scott Freeman & Finn E. Kydland, 2000. "Monetary Aggregates and Output," American Economic Review, American Economic Association, vol. 90(5), pages 1125-1135, December. [Downloadable!] (restricted)
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