How Long to Read Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya
By Michal Andrle
How Long Does it Take to Read Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya?
It takes the average reader and 44 minutes to read Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya by Michal Andrle
Assuming a reading speed of 250 words per minute. Learn more
Description
We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general specification that can nest various types of money targeting (ranging from targets based on optimal money demand forecasts to those derived from simple money growth rules), interest-rate based frameworks, and intermediate cases. Our framework acknowledges that ex-post adherence to targets is in itself an objective of policy in LICs; here we provide a novel interpretation of target misses in terms of structural shocks (aggregate demand, policy, shocks to money demand, etc). In the case of Kenya, we find that: (i) the setting of money targets is consistent with money demand forecasting, (ii) targets have not played a systematic role in monetary policy, and (iii) target misses mainly reflect shocks to money demand. Simulations of the model under alternative policy specifications show that the stronger the ex-post target adherence, the greater the macroeconomic volatility. Our findings highlight the benefits of a model-based approach to monetary policy analysis in LICs, including in countries with money-targeting frameworks.
How long is Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya?
Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya by Michal Andrle is 44 pages long, and a total of 11,176 words.
This makes it 15% the length of the average book. It also has 14% more words than the average book.
How Long Does it Take to Read Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya Aloud?
The average oral reading speed is 183 words per minute. This means it takes 1 hour and 1 minute to read Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya aloud.
What Reading Level is Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya?
Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya is suitable for students ages 8 and up.
Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.
When deciding what to show young students always use your best judgement and consult a professional.
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