Monetary transmission mechanism in the East African Community an empirical investigation - Davoodi, Hamid Reza (International Monetary Fund, 2013)
Title from PDF title page (IMF Web site, viewed Feb. 12, 2013). - "African Department.". - "February 2013."
"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 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 inflation - posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union"--Abstract
Includes bibliographical references (p. 43-47)