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| Author: | Buffie, E.F. |
| Title: | Tight money, real interest rates, and inflation in Sub-Saharan Africa |
| Journal: | IMF Staff papers
2003 : VOL. 50:1, p. 115-135 |
| Index terms: | Inflation Interest rates Monetary policy Africa |
| Language: | eng |
| Abstract: | This article provides an analysis of the consequences of tight monetary policy in an optimizing currency-substitution model of a small, open economy that operates under an open capital account and a flexible exchange rate. A reasonably good fit exists between the dynamics generated by the model and the stylized facts in the tight-money episodes that occurred in Kenya in 1993 and Nigeria in 1989-91. |
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