Inflation Targeting and Monetary Policy in Ghana

Michael Bleaney · Atsuyoshi Morozumi · Zakari Mumuni

25 citations0/0 files storedJournal of African Economies

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

An inflation-targeting regime has been in place in Ghana since 2007, but the inflation rate has remained persistently high. During the 2007–2017 period, inflation exceeded the announced target by four percentage points on average, despite the target never falling below a relatively unambitious 8% per annum. We investigate whether the poor conduct of monetary policy is responsible for this outcome, and find that it is not. Monetary policy reaction functions are similar to those estimated for countries with successful monetary policies, and interest rates respond in the theoretically recommended way to inflation shocks.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 25 citations exist upstream.

References

1993Discretion versus policy rules in practice 2000Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*1998Monetary policy rules in practice 1995Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts 2006Inflation targeting in emerging economies: What do the data say?2008Does inflation targeting make a difference in developing countries?1997Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts 2009Inflation Targeting: What Have We Learned?*

Cited by

2019Monetary Aggregates Targeting, Inflation Targeting and Inflation Stabilization in Ghana 2022The Effect of Inflation Targeting (IT) Policy on the Inflation Uncertainty and Economic Growth in Selected African and European Countries

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.