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Expanding Decent Employment in Kenya: The Role of Monetary Policy, Inflation Control, and the Exchange Rate

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  • Robert Pollin

    ()
    (Univ. of Massachusetts)

  • James Heintz

    ()
    (Univ. of Massachusetts)

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    Abstract

    This IPC Country Study by Robert Pollin and James Heintz examines three policy areas related to monetary policies in Kenya: inflation dynamics and the relationship between inflation and long-run growth; monetary policy targets and instruments; and exchange rate dynamics and the country?s external balance. It concludes with five main policy recommendations

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    File URL: http://www.ipc-undp.org/pub/IPCCountryStudy6.pdf
    File Function: First version, 2007
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    Bibliographic Info

    Paper provided by International Policy Centre for Inclusive Growth in its series Country Study with number 6.

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    Length: 53
    Date of creation: Mar 2007
    Date of revision:
    Publication status: Published by UNDP - International Poverty Centre, March 2007, pages 1-53
    Handle: RePEc:ipc:cstudy:6

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    Web page: http://www.ipc-undp.org
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    Keywords: Poverty; Inflation Control; Exchange Rate;

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    1. Atish Ghosh & Steven Phillips, 1998. "Warning: Inflation May Be Harmful to Your Growth," IMF Staff Papers, Palgrave Macmillan, vol. 45(4), pages 672-710, December.
    2. Sebastian Edwards, 1987. "Exchange Rate Misalignment in Developing Countries," UCLA Economics Working Papers, UCLA Department of Economics 442, UCLA Department of Economics.
    3. Damiano Kulundu Manda & Kunal Sen, 2004. "The labour market effects of globalization in Kenya," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(1), pages 29-43.
    4. Michael Bruno & William Easterly, 1995. "Inflation Crises and Long-Run Growth," NBER Working Papers 5209, National Bureau of Economic Research, Inc.
    5. Richard C.K. Burdekin & Arthur T. Denzau & Manfred W. Keil & Thitithep Sitthiyot & Thomas D. Willett, . "When Does Inflation Hurt Economic Growth? Different Nonlinearities for Different Economies," Claremont Colleges Working Papers, Claremont Colleges 2000-22, Claremont Colleges.
    6. Rudiger Dornbusch & Stanley Fischer, 1991. "Moderate Inflation," NBER Working Papers 3896, National Bureau of Economic Research, Inc.
    7. Robert Pollin & Mark Schaberg, 1998. "Asset Exchanges, Financial Market Trading, and the M1 Income Velocity Puzzle," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 21(1), pages 135-162, October.
    8. Carmen M. Reinhart & Ioannis Tokatlidis, 2003. "Financial Liberalisation: The African Experience," Journal of African Economies, Centre for the Study of African Economies (CSAE), Centre for the Study of African Economies (CSAE), vol. 12(Supplemen), pages 53-88, September.
    9. Njuguna Ndung’u, 2000. "The Exchange Rate and Monetary Policy in Kenya," African Development Review, African Development Bank, African Development Bank, vol. 12(1), pages 24-51.
    10. Robert Pollin & Andong Zhu, 2006. "Inflation and economic growth: a cross-country nonlinear analysis," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 28(4), pages 593-614, July.
    11. Cottani, Joaquin A & Cavallo, Domingo F & Khan, M Shahbaz, 1990. "Real Exchange Rate Behavior and Economic Performance in LDCs," Economic Development and Cultural Change, University of Chicago Press, vol. 39(1), pages 61-76, October.
    12. Easterly, William, 2001. " The Lost Decades: Developing Countries' Stagnation in Spite of Policy Reform 1980-1998," Journal of Economic Growth, Springer, Springer, vol. 6(2), pages 135-57, June.
    13. Rose Ngugi, 2000. "Financial Reform Process in Kenya: 1989–96," African Development Review, African Development Bank, African Development Bank, vol. 12(1), pages 52-77.
    14. Roberto Frenkel & Lance Taylor, 2006. "Real Exchange Rate, Monetary Policy and Employment," Working Papers, United Nations, Department of Economics and Social Affairs 19, United Nations, Department of Economics and Social Affairs.
    15. Rama, Martin, 1996. "The consequences of doubling the minimum wage : the case of Indonesia," Policy Research Working Paper Series 1643, The World Bank.
    16. Menzie D. Chinn, 2005. "A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation," NBER Working Papers 11521, National Bureau of Economic Research, Inc.
    17. A. Senhadji Semlali & Mohsin S. Khan, 2000. "Threshold Effects in the Relationship Between Inflation and Growth," IMF Working Papers 00/110, International Monetary Fund.
    18. Paulo Gala & Claudio R. Lucinda, 2006. "Exchange Rate Misalignment and Growth: Old and New Econometric Evidence," Economia, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 7(4), pages 165–187.
    19. Njuguna S. Ndung'U & Rose W. Ngugi, 1999. "Adjustment and liberalization in Kenya: the financial and foreign exchange markets," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 465-491.
    20. Sebastian Edwards, 2001. "Exchange Rate Regimes, Capital Flows and Crisis Prevention," NBER Working Papers 8529, National Bureau of Economic Research, Inc.
    21. Ghura, Dhaneshwar & Grennes, Thomas J., 1993. "The real exchange rate and macroeconomic performance in Sub-Saharan Africa," Journal of Development Economics, Elsevier, Elsevier, vol. 42(1), pages 155-174, October.
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