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Author/Editor:
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Hauner, David ; Di Bella, Gabriel ; International Monetary Fund. African Dept.
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Publication Date:
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September 01, 2005
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Electronic Access:
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Free Full text
(PDF file size is 426KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
This paper revisits the usefulness of econometric monetary analysis in low-income countries in a case study on Rwanda, an interesting case given its floating exchange rate and reliance on indirect monetary policy instruments on the one hand, and its somewhat typical data and institutional shortcomings on the other hand. The findings are generally encouraging for the use of econometric models for monetary analysis in low-income countries. Notwithstanding substantial qualifications, time series and structural models of the money multiplier and money demand yield results that are statistically and economically reasonable enough to usefully inform policymaking.
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Order a print copy
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Series:
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Working Paper No. 05/178
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Subject(s):
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Demand for money | Rwanda | Monetary policy | Economic models
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Author's Keyword(s):
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Money demand | money multiplier | Rwanda |
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