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|z 9781451865608
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|a 1018-5941
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|a Cheng, Kevin.
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|a A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism :
|b How Does the Central Bank's REPO Rate Affect the Economy? /
|c Kevin Cheng.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2006.
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|a 1 online resource (26 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997-2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices and appreciation in the nominal exchange rate, but has insignificant impact on output. Moreover, the paper finds that variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while accounting little for output fluctuations.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2006/300
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2006/300/001.2006.issue-300-en.xml
|z IMF e-Library
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