Abstract
We analyze central bank monetary policy in an economy where the government has control over the amount it borrows from the central bank (so the latter is not 'independent' in the traditional sense). Data from three different African countries are used to illustrate three different types of policy response to variations in government borrowing, and the consequences of these differences are outlined.
Original language | English |
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Pages (from-to) | 531-552 |
Number of pages | 22 |
Journal | Journal of Development Economics |
Volume | 59 |
Issue number | 2 |
DOIs |
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Publication status | Published - Aug 1999 |
Keywords
- central bank policy
- inflation
- money creation