A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism : How Does the Central Bank's REPO Rate Affect the Economy?

How Does the Central Bank's REPO Rate Affect the Economy?

A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism : How Does the Central Bank's REPO Rate Affect the Economy?
This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997–2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a... READ MORE...

Publication date: December 2006
ISBN 9781451865608
$18.00

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