Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/227944 
Year of Publication: 
2019
Series/Report no.: 
AGDI Working Paper No. WP/19/066
Publisher: 
African Governance and Development Institute (AGDI), Yaoundé
Abstract: 
The study examines the role of global predictors on national monetary policy formation for Kenya and Ghana within the New Keynesian DSGE framework. We developed and automatically calibrated our DSGE model using the Bayesian estimator, which made our model robust to rigorous stochastic number of subjective choices. Our simulation result indicates that global factors account for the inability of national Central Banks to predict the behaviour of macroeconomic and financial variables among these developing nations.
Subjects: 
Business Cycle
Macroeconomic policy
Financial crises
JEL: 
E32
62
Document Type: 
Working Paper

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