- Title Pages
- Series Preface
- List of Illustrations
- List of Tables
- List of Contributors
- Chapter 1 Monetary Policy in Sub-Saharan Africa
- Chapter 2 Inflation Targeting in Uganda
- Chapter 3 Introduction to Part I
- Chapter 4 Economic Fluctuations in Sub-Saharan Africa
- Chapter 5 The Monetary Transmission Mechanism
- Chapter 6 Identifying the Monetary Transmission Mechanism in Sub-Saharan Africa
- Chapter 7 Introduction to Part II
- Chapter 8 On the Role of Money Targets in the Monetary Policy Framework in SSA
- Chapter 9 Implementation Errors and Incomplete Information
- Chapter 10 On the First-Round Effects of International Food Price Shocks
- Chapter 11 Implications of Food Subsistence for Monetary Policy and Inflation
- Chapter 12 The Short-Run Macroeconomics of Aid Inflows
- Chapter 13 Modelling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New Keynesian Framework
- Chapter 14 Introduction to Part III
- Chapter 15 On the Sources of Inflation in Kenya
- Chapter 16 Do Money Targets Matter for Monetary Policy in Kenya?
- Chapter 17 Monetary Policy in Low-Income Countries in the Face of the Global Crisis
- Chapter 18 Introducing a Semi-Structural Macroeconomic Model for Rwanda
- Chapter 19 Inflation Forecast Targeting in a Low-Income Country
- Chapter 20 A Structural Analysis of the Determinants of Inflation in the CEMAC Region
Introduction to Part II
Introduction to Part II
- (p.135) Chapter 7 Introduction to Part II
- Monetary Policy in Sub-Saharan Africa
- Oxford University Press
Part II of the book reflects on the authors’ efforts to use simple dynamic general equilibrium models to analyse monetary policy issues facing countries in sub-Saharan Africa. This overview explains the genesis of this research agenda, both in terms of the approach and the choice of topics. Experience in the operational aspects of the IMF’s work suggested that better policy analysis—including with respect to the response to supply shocks, exchange rate management, and the modernization of policy regimes—would benefit from greater use of these models, suitably adjusted to incorporate structural features of low-income countries. Compared to Part III, the analysis in Part II is on qualitative insights from more structural micro-founded models, which are meant to provide general guidance and ultimately undergird the more country-specific and operational applications.
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