Hidden Bibliographic Details
| Other authors / contributors: | Méndez Morales, Armando, author.
Yang, Fan, 1951- author, (IMF staff)
International Monetary Fund, publisher.
International Monetary Fund. African Department, sponsor.
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| ISBN: | 9781498313377
149831337X
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| Notes: | "June 2016."
At head of title: African Department.
Includes bibliographical references (page 17).
Description based on online resource; title from pdf title page (IMF.org Web site, viewed August 10, 2016).
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| Summary: | This paper analyzes the degree to which volatility in interbank interest rates leads to volatility in financial instruments with longer maturities (e.g., T-bills) in Kenya since 2012, year in which the monetary policy framework switched to a forward-looking approach, relative to seven other inflation targeting (IT) countries (Ghana, Hungary, Poland, South Africa, Sweden, Thailand, and Uganda). Kenya shows strong volatility transmission and high persistence similar to other countries in transition to a more forward-looking monetary policy framework. These results emphasize the importance of a strong commitment to an interbank rate as an operational target and suggest that the central bank could reduce uncertainty in short-term yields significantly by smoothing out the overnight interest rates around the policy rate.
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| Other form: | Print Version: Alper, Emre Monetary Policy Implementation and Volatility Transmission along the Yield Curve: The Case of Kenya Washington, D.C. : International Monetary Fund,2016 9781498313377
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| Standard no.: | 10.5089/9781498313377.001
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