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    Bank of Botswana's reaction function: modelling Botswana's monetary policy strategy

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    Setlhare_SAJE_2004.pdf (960.7Kb)
    Date
    2004
    Author
    Setlhare, L.
    Publisher
    John Wiley, www.wiley.com
    Link
    http://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.2004.tb00118.x/pdf
    Type
    Published Article
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    Abstract
    This paper examines how monetary policy was actually conducted in Botswana, by specifying and estimating a monetary reaction function for the Bank of Botswana (BoB). Basically, a monetary reaction function (MRF) for a central bank is an equation that is intended to establish the goals that have actually been influencing the actions of the central bank. A MRF would exist if the monetary authorities (or BoB in particular) have been purposeful and reasonably consistent in the policy-making process. Thus, a study of a MRF provides a test on whether the monetary policy-making process has been characterised by systematic (if it exists) or random (if it does not exist) changes in the policy instrument(s).
    URI
    http://hdl.handle.net/10311/992
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    • Research articles (Dept of Economics) [15]

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