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How Useful is Monetary Econometrics in Low-Income Countries? T+L3104he Case of Money Demand and the Multipliers in Rwanda

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  • Gabriel Di Bella
  • David Hauner

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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Bibliographic Info

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

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Length: 23
Date of creation: 01 Sep 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/178

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Keywords: Economic models; money demand; monetary base; monetary policy; money balances; inflation; real money; central bank; money supply; monetary analysis; price level; money stock; monetary fund; money market; reserve requirement; discount rate; monetary aggregates; national bank; foreign exchange; gdp deflator; monetary economics; monetary policy implementation; monetary policy instruments; inflation rate; monetary control; open market operations; monetary theory; real output; money markets; relative price; inflation tax; foreign currency; discount rate increases; monetary system; demand for money; inflation rates; monetary policy operations; monetary statistics; monetary authorities;

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  1. Finn E. Kydland & Scott Freeman, 2000. "Monetary Aggregates and Output," American Economic Review, American Economic Association, American Economic Association, vol. 90(5), pages 1125-1135, December.
  2. Beenstock, Michael, 1989. "The Determinants of the Money Multiplier in the United Kingdom," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 21(4), pages 464-80, November.
  3. Mangal Goswami & Oya Celasun, 2002. "An Analysis of Money Demand and Inflation in the Islamic Republic of Iran," IMF Working Papers 02/205, International Monetary Fund.
  4. Frost, Peter A, 1977. "Short-Run Fluctuations in the Money Multiplier and Monetary Control," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 9(1), pages 165-81, February.
  5. Albert E. Burger & Robert H. Rasche, 1977. "Revision of the monetary base," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue Jul, pages 13-28.
  6. 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, Federal Reserve Bank of St. Louis, issue Jul, pages 47-64.
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Cited by:
  1. Marcelin Diagne, 2010. "Real Money Demand, Income, and Interest Rates in Senegal: Is there a Long-Run Stable Relation?," International Advances in Economic Research, Springer, Springer, vol. 16(2), pages 213-222, May.

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