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date: 14 October 2019

Abstract and Keywords

This chapter examines monetary policy in sub-Saharan Africa (SSA). After a brief historical overview of changes in SSA’s monetary policy landscape from the 1980s, the article considers a range of issues related to monetary policy among central banks operating independent currencies in the region. It then looks at the peculiar challenges of characterizing the monetary transmission mechanism in a rapidly changing environment, along with the role of monetary aggregates, the exchange rate, and fiscal/monetary interactions in the monetary policy frameworks in SSA. It also analyses SSA’s monetary policy response to food price shocks before concluding with an assessment of modern analytic frameworks that take into account many of the monetary policy issues facing SSA and can be used as a platform for forecasting and policy analysis.

Keywords: monetary policy, sub-Saharan Africa, central banks, monetary transmission mechanism, monetary aggregates, exchange rate, food price shocks

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