Monetary transmission mechanism in the East African Community :: an empirical investigation /
"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...
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| Main Authors: | , , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
[2013]
|
| Series: | IMF working paper ;
WP/13/39. |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | "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. |
| Item Description: | Title from PDF title page (IMF Web site, viewed Feb. 12, 2013). "African Department." "February 2013." |
| Physical Description: | 1 online resource (59 pages) : color illustrations. |
| Bibliography: | Includes bibliographical references (pages 43-47). |
| ISBN: | 9781475590852 1475590857 1475553498 9781475553499 |
Staff View
MARC
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| 500 | |a Title from PDF title page (IMF Web site, viewed Feb. 12, 2013). | ||
| 500 | |a "African Department." | ||
| 500 | |a "February 2013." | ||
| 520 | |a "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. | ||
| 504 | |a Includes bibliographical references (pages 43-47). | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Conduct of Monetary Policy in the EAC; A. Instruments, Targets, and Goals; B. Monetary Policy Framework; C. Stability of Money Multiplier and Velocity; III. Channels of Monetary Transmission Mechanism; A. Money Channel; B. Interest Rate Channel; C. Exchange Rate Channel; D. Credit Channel; E. Asset Price Channel; F. Expectation Channel; IV. Review of the Empirical Literature on MTM in EAC; A. Kenya; B. Tanzania; C. Uganda; D. Rwanda and Burundi; V. Empirical Methodology; A. Recursive Structural VAR; B. Bayesian VAR; C. Factor-Augmented VAR; VI. Data. | |
| 505 | 8 | |a VII. Empirical ResultsA. Burundi; B. Kenya; C. Rwanda; D. Tanzania; E. Uganda; F. Results from Variance Decomposition; VIII. Discussion and Conclusions; A. Interpreting and Summing Up Our Results; B. Confronting the Challenges; Tables; 1. Decomposition of the Money Multiplier and Velocity in the EAC; 2. Variance Decomposition; Figures; 1. Monetary Policy: Instruments, Targets and Goals; 2. Inside the Black Box of the Monetary Transmission Mechanism; 3. Velocity and Money Multiplier in the EAC; 4. SVAR Impulse Responses for Burundi; 5. Testing the Interest Rate Channel in Burundi. | |
| 505 | 8 | |a 6. SVAR Impulse Response for Kenya7. Testing the Credit Channel in Kenya; 8. Testing the Exchange Rate Channel in Kenya; 9. SVAR Impulse Response for Rwanda; 10. Testing the Credit Channel in Rwanda; 11. SVAR Impulse Responses for Tanzania; 12. SVAR Impulse Responses for Uganda; Appendixes; I. Literature Review on Monetary Transmission Mechanism in the EAC; II. Full Set of SVAR Impulse Responses; Appendix II: Figures; 1. SVAR Responses for Burundi; 2. SVAR Responses for Kenya; 3. SVAR Responses for Rwanda; 4. SVAR Responses for Tanzania; 5. SVAR Responses for Uganda. | |
| 505 | 8 | |a III. FAVAR and BVAR ResultsAppendix III: Figures; 1. Comparing Variants of VARs for Burundi; 2. Comparing Variants of VARs for Kenya; 3. Comparing Variants of VARs for Rwanda; 4. Comparing Variants of VARs for Tanzania; 5. Comparing Variants of VARs for Uganda; References. | |
| 610 | 2 | 0 | |a East African Community. |
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| author | Davoodi, Hamid Reza Dixit, S. V. S. Pintér, Gábor |
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| contents | Cover; Contents; I. Introduction; II. Conduct of Monetary Policy in the EAC; A. Instruments, Targets, and Goals; B. Monetary Policy Framework; C. Stability of Money Multiplier and Velocity; III. Channels of Monetary Transmission Mechanism; A. Money Channel; B. Interest Rate Channel; C. Exchange Rate Channel; D. Credit Channel; E. Asset Price Channel; F. Expectation Channel; IV. Review of the Empirical Literature on MTM in EAC; A. Kenya; B. Tanzania; C. Uganda; D. Rwanda and Burundi; V. Empirical Methodology; A. Recursive Structural VAR; B. Bayesian VAR; C. Factor-Augmented VAR; VI. Data. VII. Empirical ResultsA. Burundi; B. Kenya; C. Rwanda; D. Tanzania; E. Uganda; F. Results from Variance Decomposition; VIII. Discussion and Conclusions; A. Interpreting and Summing Up Our Results; B. Confronting the Challenges; Tables; 1. Decomposition of the Money Multiplier and Velocity in the EAC; 2. Variance Decomposition; Figures; 1. Monetary Policy: Instruments, Targets and Goals; 2. Inside the Black Box of the Monetary Transmission Mechanism; 3. Velocity and Money Multiplier in the EAC; 4. SVAR Impulse Responses for Burundi; 5. Testing the Interest Rate Channel in Burundi. 6. SVAR Impulse Response for Kenya7. Testing the Credit Channel in Kenya; 8. Testing the Exchange Rate Channel in Kenya; 9. SVAR Impulse Response for Rwanda; 10. Testing the Credit Channel in Rwanda; 11. SVAR Impulse Responses for Tanzania; 12. SVAR Impulse Responses for Uganda; Appendixes; I. Literature Review on Monetary Transmission Mechanism in the EAC; II. Full Set of SVAR Impulse Responses; Appendix II: Figures; 1. SVAR Responses for Burundi; 2. SVAR Responses for Kenya; 3. SVAR Responses for Rwanda; 4. SVAR Responses for Tanzania; 5. SVAR Responses for Uganda. III. FAVAR and BVAR ResultsAppendix III: Figures; 1. Comparing Variants of VARs for Burundi; 2. Comparing Variants of VARs for Kenya; 3. Comparing Variants of VARs for Rwanda; 4. Comparing Variants of VARs for Tanzania; 5. Comparing Variants of VARs for Uganda; References. |
| ctrlnum | (OCoLC)827361847 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4/9676 |
| dewey-search | 332.4/9676 |
| dewey-sort | 3332.4 49676 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| geographic | Africa, East fast |
| geographic_facet | Africa, East |
| id | ZDB-4-EBU-ocn827361847 |
| illustrated | Illustrated |
| indexdate | 2025-03-18T14:27:42Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no93028933 |
| isbn | 9781475590852 1475590857 1475553498 9781475553499 |
| language | English |
| oclc_num | 827361847 |
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| publishDate | 2013 |
| publishDateSearch | 2013 |
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| publisher | International Monetary Fund, |
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| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Davoodi, Hamid Reza, author. http://id.loc.gov/authorities/names/no97045230 Monetary transmission mechanism in the East African Community : an empirical investigation / Hamid R. Davoodi, Shiv Dixit, Gabor Pinter. [Washington, D.C.] : International Monetary Fund, [2013] 1 online resource (59 pages) : color illustrations. text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/13/39 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 (pages 43-47). Cover; Contents; I. Introduction; II. Conduct of Monetary Policy in the EAC; A. Instruments, Targets, and Goals; B. Monetary Policy Framework; C. Stability of Money Multiplier and Velocity; III. Channels of Monetary Transmission Mechanism; A. Money Channel; B. Interest Rate Channel; C. Exchange Rate Channel; D. Credit Channel; E. Asset Price Channel; F. Expectation Channel; IV. Review of the Empirical Literature on MTM in EAC; A. Kenya; B. Tanzania; C. Uganda; D. Rwanda and Burundi; V. Empirical Methodology; A. Recursive Structural VAR; B. Bayesian VAR; C. Factor-Augmented VAR; VI. Data. VII. Empirical ResultsA. Burundi; B. Kenya; C. Rwanda; D. Tanzania; E. Uganda; F. Results from Variance Decomposition; VIII. Discussion and Conclusions; A. Interpreting and Summing Up Our Results; B. Confronting the Challenges; Tables; 1. Decomposition of the Money Multiplier and Velocity in the EAC; 2. Variance Decomposition; Figures; 1. Monetary Policy: Instruments, Targets and Goals; 2. Inside the Black Box of the Monetary Transmission Mechanism; 3. Velocity and Money Multiplier in the EAC; 4. SVAR Impulse Responses for Burundi; 5. Testing the Interest Rate Channel in Burundi. 6. SVAR Impulse Response for Kenya7. Testing the Credit Channel in Kenya; 8. Testing the Exchange Rate Channel in Kenya; 9. SVAR Impulse Response for Rwanda; 10. Testing the Credit Channel in Rwanda; 11. SVAR Impulse Responses for Tanzania; 12. SVAR Impulse Responses for Uganda; Appendixes; I. Literature Review on Monetary Transmission Mechanism in the EAC; II. Full Set of SVAR Impulse Responses; Appendix II: Figures; 1. SVAR Responses for Burundi; 2. SVAR Responses for Kenya; 3. SVAR Responses for Rwanda; 4. SVAR Responses for Tanzania; 5. SVAR Responses for Uganda. III. FAVAR and BVAR ResultsAppendix III: Figures; 1. Comparing Variants of VARs for Burundi; 2. Comparing Variants of VARs for Kenya; 3. Comparing Variants of VARs for Rwanda; 4. Comparing Variants of VARs for Tanzania; 5. Comparing Variants of VARs for Uganda; References. East African Community. East African Community fast Transmission mechanism (Monetary policy) Africa, East. Monetary policy Africa, East. BUSINESS & ECONOMICS Money & Monetary Policy. bisacsh Monetary policy fast Transmission mechanism (Monetary policy) fast Africa, East fast Dixit, S. V. S., author. http://id.loc.gov/authorities/names/no00017224 Pintér, Gábor, author. http://id.loc.gov/authorities/names/no93016935 International Monetary Fund. African Department, issuing body. http://id.loc.gov/authorities/names/no93028933 has work: Monetary transmission mechanism in the East African Community (Text) https://id.oclc.org/worldcat/entity/E39PCGGcWDPjWkFJqt3pjhjWfy https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/13/39. http://id.loc.gov/authorities/names/no89010263 |
| spellingShingle | Davoodi, Hamid Reza Dixit, S. V. S. Pintér, Gábor Monetary transmission mechanism in the East African Community : an empirical investigation / IMF working paper ; Cover; Contents; I. Introduction; II. Conduct of Monetary Policy in the EAC; A. Instruments, Targets, and Goals; B. Monetary Policy Framework; C. Stability of Money Multiplier and Velocity; III. Channels of Monetary Transmission Mechanism; A. Money Channel; B. Interest Rate Channel; C. Exchange Rate Channel; D. Credit Channel; E. Asset Price Channel; F. Expectation Channel; IV. Review of the Empirical Literature on MTM in EAC; A. Kenya; B. Tanzania; C. Uganda; D. Rwanda and Burundi; V. Empirical Methodology; A. Recursive Structural VAR; B. Bayesian VAR; C. Factor-Augmented VAR; VI. Data. VII. Empirical ResultsA. Burundi; B. Kenya; C. Rwanda; D. Tanzania; E. Uganda; F. Results from Variance Decomposition; VIII. Discussion and Conclusions; A. Interpreting and Summing Up Our Results; B. Confronting the Challenges; Tables; 1. Decomposition of the Money Multiplier and Velocity in the EAC; 2. Variance Decomposition; Figures; 1. Monetary Policy: Instruments, Targets and Goals; 2. Inside the Black Box of the Monetary Transmission Mechanism; 3. Velocity and Money Multiplier in the EAC; 4. SVAR Impulse Responses for Burundi; 5. Testing the Interest Rate Channel in Burundi. 6. SVAR Impulse Response for Kenya7. Testing the Credit Channel in Kenya; 8. Testing the Exchange Rate Channel in Kenya; 9. SVAR Impulse Response for Rwanda; 10. Testing the Credit Channel in Rwanda; 11. SVAR Impulse Responses for Tanzania; 12. SVAR Impulse Responses for Uganda; Appendixes; I. Literature Review on Monetary Transmission Mechanism in the EAC; II. Full Set of SVAR Impulse Responses; Appendix II: Figures; 1. SVAR Responses for Burundi; 2. SVAR Responses for Kenya; 3. SVAR Responses for Rwanda; 4. SVAR Responses for Tanzania; 5. SVAR Responses for Uganda. III. FAVAR and BVAR ResultsAppendix III: Figures; 1. Comparing Variants of VARs for Burundi; 2. Comparing Variants of VARs for Kenya; 3. Comparing Variants of VARs for Rwanda; 4. Comparing Variants of VARs for Tanzania; 5. Comparing Variants of VARs for Uganda; References. East African Community. East African Community fast Transmission mechanism (Monetary policy) Africa, East. Monetary policy Africa, East. BUSINESS & ECONOMICS Money & Monetary Policy. bisacsh Monetary policy fast Transmission mechanism (Monetary policy) fast |
| title | Monetary transmission mechanism in the East African Community : an empirical investigation / |
| title_auth | Monetary transmission mechanism in the East African Community : an empirical investigation / |
| title_exact_search | Monetary transmission mechanism in the East African Community : an empirical investigation / |
| title_full | Monetary transmission mechanism in the East African Community : an empirical investigation / Hamid R. Davoodi, Shiv Dixit, Gabor Pinter. |
| title_fullStr | Monetary transmission mechanism in the East African Community : an empirical investigation / Hamid R. Davoodi, Shiv Dixit, Gabor Pinter. |
| title_full_unstemmed | Monetary transmission mechanism in the East African Community : an empirical investigation / Hamid R. Davoodi, Shiv Dixit, Gabor Pinter. |
| title_short | Monetary transmission mechanism in the East African Community : |
| title_sort | monetary transmission mechanism in the east african community an empirical investigation |
| title_sub | an empirical investigation / |
| topic | East African Community. East African Community fast Transmission mechanism (Monetary policy) Africa, East. Monetary policy Africa, East. BUSINESS & ECONOMICS Money & Monetary Policy. bisacsh Monetary policy fast Transmission mechanism (Monetary policy) fast |
| topic_facet | East African Community. East African Community Transmission mechanism (Monetary policy) Africa, East. Monetary policy Africa, East. BUSINESS & ECONOMICS Money & Monetary Policy. Monetary policy Transmission mechanism (Monetary policy) Africa, East |
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