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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, USA

No 19/066, Working Papers of the African Governance and Development Institute. from African Governance and Development Institute.

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-cba and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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http://www.afridev.org/RePEc/agd/agd-wpaper/Global ... Policy-Responses.pdf Revised version, 2019 (application/pdf)

Related works:
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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