Monetary Transmission Mechanism in the East African Community: An Empirical Investigation Hamid Reza Davoodi

ISBN: 9781475553499

Published: February 6th 2013

ebook

59 pages


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Monetary Transmission Mechanism in the East African Community: An Empirical Investigation  by  Hamid Reza Davoodi

Monetary Transmission Mechanism in the East African Community: An Empirical Investigation by Hamid Reza Davoodi
February 6th 2013 | ebook | PDF, EPUB, FB2, DjVu, talking book, mp3, ZIP | 59 pages | ISBN: 9781475553499 | 8.40 Mb

Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong whenMoreDo changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods- (ii) when MTM is present, the precise transmission channels and their importance differ across countries- and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflationa posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union.

The paper offers some suggestions for strengthening the MTM in the EAC.



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