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Monetary and Exchange Rate Policy in Kenya

  • Ndung'u, N.S.
Registered author(s):

    The paper assesses whether the exchange rate is affected by monetary policy and whether these effects are permanent or transitory. The paper takes the position that the exchange rate regime determines the flexibility of monetary policy.

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    Paper provided by African Economic Research Consortium in its series Papers with number 94.

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    Length: 27 pages
    Date of creation: 1999
    Date of revision:
    Handle: RePEc:fth:afrirc:94
    Contact details of provider: Postal:
    African Economic Research Consortum, P.O. Box 62882, Nairobi, Kenya

    Phone: (254-2) 228057
    Fax: (254-2) 219308
    Web page: http://www.aercafrica.org/
    Email:


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    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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    1. Robert Brandon Kahn & Adam Bennett & María Vicenta Carkovic S. & Susan Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
    2. Reinhart, Carmen & Asea, Patrick, 1995. "Real interest rate differentials and the real exchange rate: Evidence from four African countries," MPRA Paper 13357, University Library of Munich, Germany.
    3. Peter J. Montiel & Jonathan D. Ostry, 1991. "Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 872-900, December.
    4. Clements, Kenneth W. & Frenkel, Jacob A., 1980. "Exchange rates, money, and relative prices: The dollar-pound in the 1920s," Journal of International Economics, Elsevier, vol. 10(2), pages 249-262, May.
    5. Ghura, Dhaneshwar & Grennes, Thomas J., 1993. "The real exchange rate and macroeconomic performance in Sub-Saharan Africa," Journal of Development Economics, Elsevier, vol. 42(1), pages 155-174, October.
    6. Bleaney, Michael & Mizen, Paul, 1995. "Empirical Tests of Mean Reversion in Real Exchange Rates: A Survey," Bulletin of Economic Research, Wiley Blackwell, vol. 47(3), pages 171-95, July.
    7. Lee E. Ohanian & Alan C. Stockman, 1997. "Short-run independence of monetary policy under pegged exchange rates and effects of money on exchange rates and interest rates," Proceedings, Federal Reserve Bank of Cleveland, pages 783-814.
    8. Peter Montiel & Bijan B. Aghevli & Mohsin S. Khan, 1991. "Exchange Rate Policy in Developing Countries; Some Analytical Issues," IMF Occasional Papers 78, International Monetary Fund.
    9. Reinhart, Carmen & Khan, Mohsin, 1995. "Macroeconomic Management in APEC Economies: The Response to Capital Inflows," MPRA Paper 8148, University Library of Munich, Germany.
    10. Hamid Faruqee, 1995. "Long-Run Determinants of the Real Exchange Rate: A Stock-Flow Perspective," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 80-107, March.
    11. Lewis, K., 1993. "Are Foreign Exchange Intervention and Monetary Policy Related and Does it Really Matter," Weiss Center Working Papers 93-11, Wharton School - Weiss Center for International Financial Research.
    12. Pantula, Sastry G & Gonzalez-Farias, Graciela & Fuller, Wayne A, 1994. "A Comparison of Unit-Root Test Criteria," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(4), pages 449-59, October.
    13. E. Murat Ucer & Pierre-Richard Agénor, 1995. "Exchange Market Reform, Inflation, and Fiscal Deficits," IMF Working Papers 95/78, International Monetary Fund.
    14. Karen K. Lewis, 1993. "Are Forign Exchange Intervention and Monetary Policy Related and Does it Really Matter?," NBER Working Papers 4377, National Bureau of Economic Research, Inc.
    15. Martin Eichenbaum & Charles Evans, 1992. "Some empirical evidence on the effects of monetary policy shocks on exchange rates," Working Paper Series, Macroeconomic Issues 92-32, Federal Reserve Bank of Chicago.
    16. Reinhart, Carmen & Calvo, Guillermo & Vegh, Carlos, 1994. "Targeting the real exchange rate," MPRA Paper 13765, University Library of Munich, Germany.
    17. Beveridge, Stephen & Nelson, Charles R., 1981. "A new approach to decomposition of economic time series into permanent and transitory components with particular attention to measurement of the `business cycle'," Journal of Monetary Economics, Elsevier, vol. 7(2), pages 151-174.
    18. P. Joyce, Joseph & Kamas, Linda, 1994. "Money and output under alternative exchange rate regimes in the USA," Journal of International Money and Finance, Elsevier, vol. 13(6), pages 679-697, December.
    19. Adam, Christopher, 1992. "On the Dynamic Specification of Money Demand in Kenya," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 1(2), pages 233-70, August.
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