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January, 2014

Monetary Conditions Index for Kenya: Empirical Results

The augmented Dickey Fuller (ADF), and Kwiatkowski, Phillips, Schmidt and Shin (KPSS) are used to test for the presence of unit roots. Results in the following table show the rejection of the null hypothesis at first difference meaning that the …Continue reading →

Monetary Conditions Index for Kenya: Computation of the MCI

Toroj used four empirical strategies (IS and Phillips curve, VAR model and small structural system of equations) to evaluate relative importance of the real interest rate and the real exchange rate in determining the output gap as a basis of …Continue reading →

Monetary Conditions Index for Kenya: Empirical Studies

In conducting monetary policy, central banks try to marry the short term objective of reacting efficiently and flexibly to economic shocks and the long-term objective of securing low and stable inflation. According to Mahadeva and Stern monetary policy is simple …Continue reading →

Monetary Conditions Index for Kenya: Theoretical Studies

In the conduct of monetary policy, central banks the world over use different variables to play different roles. Central Banks usually have an ultimate goal to achieve such as price stability. To achieve this, the Central Bank starts with policy …Continue reading →

Monetary Conditions Index for Kenya: Monetary Policy Framework in Kenya

Kenya is a small open economy with a liberalized capital market and a floating exchange rate. The exchange rate against other major currencies is market driven. A floating exchange rate policy was adopted in Kenya in 1993, allowing the Central …Continue reading →

Monetary Conditions Index for Kenya: Towards a Monetary Conditions Index

Since the liberalization of the exchange rate in Kenya in December 1993, there has been a debate on the appropriate level of exchange rate in Kenya as exporters complain when the currency appreciates and the importers take their turn when …Continue reading →

Monetary Conditions Index for Kenya: Introduction

In pursuit of price stability, the Central Bank of Kenya (CBK) has over the years used either legislation or monetary policy instruments in the form of interest rates and monetary aggregates. However, in the face of increased financial transactions brought …Continue reading →

Regional Economic Disparities as Determinants of Students’ Achievement in Italy: Concluding Remarks

Thus, the main message that emerged from our findings is to refuse the simplistic view of the socio-economic background as the main factor driving schools’ results, and to increase research effort in describing what actually happens into schools. Indeed, the …Continue reading →

Regional Economic Disparities as Determinants of Students’ Achievement in Italy: Discussion

The findings are that variance at regional level is statistically significant, as evidenced by the lower part of the table, while around 14% of variance is due to between-schools factors and more than 80% is within-schools. More precisely, 4.6% of …Continue reading →

Regional Economic Disparities as Determinants of Students’ Achievement in Italy: Socioeconomic Variables

Another point is about the factors that can explain between-schools variance. The high between-schools variance in the South, indeed, necessitates a serious research of its determinants. A well-known potential interpretation, often adduced in the literature, is that schools perform differently …Continue reading →

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