图书简介
Low-income countries in sub-Saharan Africa present unique monetary policy challenges, from the high share of volatile food in consumption to underdeveloped financial markets. This book draws on the International Monetary Fund’s research and practice to uncover how monetary policy in this region currently operates, and what changes should be made.
1 Andrew Berg and Rafael Portillo: Monetary Policy in Sub-Saharan Africa; 2 Martin Brownbridge and Louis Kasekende: Inflation Targeting in Uganda: What Lessons Can We Learn from Five Years of Experience?; Section I: Empirical Evidence; 3 Andrew Berg and Rafael Portillo: Introduction to Section I; 4 Giovanni Melina and Rafael Portillo: Economic Fluctuations in Sub-Saharan Africa; 5 Andrew Berg, Jan Vlcek, Luisa Charry, and Rafael Portillo: The Monetary Transmission Mechanism: Lessons from a Dramatic Event; 6 Bin Grace Li, Christopher Adam, Andrew Berg, Peter Montiel, and Stephen O’Connell: Identifying the Monetary Transmission Mechanism in Sub-Saharan Africa; Section II: Analytical Issues Relevant for Monetary Policy Analysis in Sub-Saharan Africa; 7 Andrew Berg and Rafael Portillo: Introduction to Section II; 8 Andrew Berg, Rafael Portillo, and D. Filiz Unsal: On the Role of Money Targets in the Monetary Policy Framework in SSA: Insights from a New-Keynesian Model with Incomplete Information; 9 Rafael Portillo, D. Filiz Unsal, Stephen O’Connell, and Catherine Pattillo: Implementation Errors and Incomplete Information: Implications for the Effects of Monetary Policy in Low-Income Countries; 10 Rafael Portillo and Luis-Felipe Zanna: On the First-Round Effects of International Food Price Shocks; 11 Rafael Portillo, Luis-Felipe Zanna, Stephen O’Connell, and Richard Peck: Implications of Food Subsistence for Monetary Policy and Inflation; 12 Andrew Berg, Tokhir Mirzoev, Rafael Portillo, Luis-Felipe Zanna: The Short Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and International Reserve Policy; 13 Jaromir Benes, Andrew Berg, Rafael Portillo, and David Vavra: Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework; Section III: Applied Models for Policy Analysis and Forecasting in SSA: Selected Case Studies; 14 Andrew Berg and Rafael Portillo: Introduction to Section III; 15 Michal Andrle, Andrew Berg, Armando Morales, Rafael Portillo, and Jan Vlcek: On the Sources of Inflation in Kenya: A Model-Based Approach; 16 Michal Andrle, Andrew Berg, Enrico Berkes, Armando Morales, Rafael Portillo, and Jan Vlcek: Do Money Targets Matter for Monetary Policy in Kenya?; 17 Alfredo Baldini, Jaromir Benes, Andrew Berg, Mai C. Dao, and Rafael Portillo: Monetary Policy in Zambia in the Face of the Global Crisis: A Structural Analysis; 18 Luisa Charry, Pranav Gupta, and Vimal Thakoor: Introducing a Semi-Structural Macroeconomic Model for Rwanda; 19 Ali Alichi, Marshall Mills, Douglas Laxton, and Hans Weisfeld: Inflation Forecast Targeting in a Low Income Country: The Case of Ghana; 20 Rafael Portillo: A Structural Analysis of the Determinants of Inflation in the CEMAC Region
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