IMF paper highlights benefits of model-based approach to monetary policy analysis in LICs

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The Central Bank of Kenya

A working paper published yesterday by the IMF incorporates an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries, with an application to Kenya.

In Money targeting in a modern forecasting and policy analysis system: an application to Kenya, Michal Andrle, Andrew Berg, Armando Morales and Rafael Portillo of the IMF, Enrico Berkes of Northwestern University in the US, and Jan Vlcek of OGResearch find that setting money targets is consistent

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