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Introducing a Semi-Structural Macroeconomic Model for Rwanda
Ms.Luisa CharryPranav GuptaVimal Thakoor
出版International Monetary Fund, 2014-08-22
主題Business & Economics / InflationBusiness & Economics / Foreign ExchangeBusiness & Economics / Banks & Banking
ISBN14983565249781498356527
URLhttp://books.google.com.hk/books?id=gtOOBAAAQBAJ&hl=&source=gbs_api
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註釋We develop a simple semistructural model for the Rwandan economy to better understand the monetary policy transmission mechanism. A key feature of the model is the introduction of a modified uncovered interest parity condition to capture key structural features of Rwanda’s economy and policy framework, such as the limited degree of capital mobility. A filtration of the observed data through the model allows us to illustrate the contribution of various factors to inflation dynamics and its deviations from the inflation target. Our results, consistent with evidence for other countries in the region, suggest that food and oil prices as well as the exchange rate have accounted for the bulk of inflation dynamics in Rwanda.