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Doves, Hawks or Pigeons? Characterising Monetary Policy Regime Switches in Ghana

Author

Listed:
  • William Godfred Cantah
  • Ferdinand Ahiakpor

    (University of Cape Coast)

Abstract

This study examines the conduct of monetary policy in Ghana since the adoption of Inflation Targeting (IT) policy framework, by estimating a policy rule that may switch overtime depending on the objective of Bank of Ghana. Using a Markov Switching model, the study found evidence that the Bank of Ghana, since the adoption of the IT framework, mostly pursued an accommodating monetary policy (Doves) and at best paid equal attention to both price stability and growth objective (Pigeons). The results imply that the Bank of Ghana has not paid enough attention to price stability since it adopted the IT framework.

Suggested Citation

  • William Godfred Cantah & Ferdinand Ahiakpor, 2017. "Doves, Hawks or Pigeons? Characterising Monetary Policy Regime Switches in Ghana," The African Finance Journal, Africagrowth Institute, vol. 19(2), pages 47-57.
    • Handle: RePEc:afj:journl:v:19:y:2017:i:2:p:47-57
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    Cited by:

    1. Paul Owusu Takyi & Roberto Leon-Gonzalez, 2020. "Monetary Policy and Financial Exclusion in an Estimated DSGE Model of Sub-Saharan African Economies," International Economic Journal, Taylor & Francis Journals, vol. 34(2), pages 317-346, April.

    More about this item

    Keywords

    Monetary Policy; Markov Switching; Inflation Targeting;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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