Empirical analysis of monetary policy reaction function in an emerging African market economy
by Maureen Were
International Journal of Economics and Business Research (IJEBR), Vol. 8, No. 3, 2014

Abstract: The paper analyses monetary policy reaction function for Kenya using quarterly data for the period 1999 to 2011. The empirical results show a strong effect of interest rate smoothing and support the fact that monetary policy was accommodative of the output growth objective. The response to inflation is however, generally found to be low, perhaps signifying the importance of supply-side inflation. Nonetheless, there is evidence in support of forward-looking monetary policy, which is critical in view of the increasing role of expectations in modern monetary policy-making process.

Online publication date: Sat, 13-Sep-2014

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

 
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Economics and Business Research (IJEBR):
Login with your Inderscience username and password:

Username:        Password:          Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email subs@inderscience.com