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Discussion Paper No. 123 of 2010 on Contractionary Monetary Policy Effects on Aggregate Income when Exchange Rates Overshoot in Kenya: a Policy Paradox?
(The Kenya Institute for Public Policy Research and Analysis (KIPPRA), 2010)
With the liberalization of the exchange rate market in Kenya, it is expected that contractionary monetary policy meant to reduce inflation will lead to exchange rate overshooting. Exchange rate overshooting on the other ...