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Global Shocks Alert and Monetary Policy Responses

Olatunji Shobande (), Oladimeji Shodipe () and Simplice Asongu ()
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Oladimeji Shodipe: Eastern Illinois University, US

No 19/066, Research Africa Network Working Papers from Research Africa Network (RAN)

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.

Keywords: Business Cycle; Macroeconomic policy; Financial crises (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Pages: 35
Date: 2019-01
New Economics Papers: this item is included in nep-dge, nep-mac and nep-opm
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http://publications.resanet.org/RePEc/abh/abh-wpap ... Policy-Responses.pdf Revised version, 2019 (application/pdf)

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Working Paper: Global Shocks Alert and Monetary Policy Responses (2019) Downloads
Working Paper: Global Shocks Alert and Monetary Policy Responses (2019) Downloads
Working Paper: Global Shocks Alert and Monetary Policy Responses (2019) Downloads
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