Demand For Money: Implications for The Conduct of Monetary Policy in Kenya

Moses M. Sichei; Anne W. Kamau

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Demand For Money: Implications for The Conduct of Monetary Policy in Kenya

机译：对金钱的需求：对肯尼亚的货币政策进行的影响

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The paper analyses demand for different monetary aggregates (M0, M1, M2 and M3) in Kenya for the period 1997:4-2011:2. Dynamic frameworks are used to estimate and uncover parsimonious and empirically stable demand for money functions. Price, real GDP, nominal 91-Day Treasury bill rate, nominal interbank rate, nominal deposit rate and foreign interest rate affected the long-run demand for money functions to different degrees. The demand for money functions is found to be unstable over the period for the parameter values, implying that the current monetary targeting policy framework is inappropriate. However, there are challenges in adopting an alternative monetary policy framework.

机译：本文于1997年期间分析了肯尼亚的不同货币骨料（M0，M1，M2和M3）的需求：4-2011：2。动态框架用于估算和揭示案式和经验稳定的金钱职能需求。价格，真正的GDP，名义91天的资金比尔率，名义间银行税率，名义存款利率和外交利率影响了对不同程度的金钱职能的长期需求。在参数值的期间内发现对金钱函数的需求不稳定，这意味着当前的货币目标策略框架是不合适的。但是，采用另类货币政策框架存在挑战。

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《International Journal of Economics and Finance》 |2012年第8期|共11页
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Moses M. Sichei; Anne W. Kamau;
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Demand For Money: Implications for The Conduct of Monetary Policy in Kenya

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