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Moreover, monetary policy focus should be on long-run output expansion and short-run price-stability, rather than the converse.This would have the benefit of moderating poverty and unemployment.Decadal and 5-year analyses of Ghana’s inflation since 1960 also confirm the overall downward trend of Ghana’s inflation to the present day.
The relative importance of demand vis-à-vis supply factors as well as the cost and benefits of disinflation are thereafter determined.
These are analysed using both theoretical and empirical approaches.
The first essay reviews Ghana’s inflationary history from pre-independence to the current era and assesses the myriad of historical monetary policy frameworks and inflation management tools employed by successive political regimes.
Average inflation of 31% was recorded during the monetary targeting regime up to 1991 where credit controls were instituted.
ENGLISH SUMMARY : This study empirically identifies various sector-specific threshold inflation levels in Ghana with annual and monthly data covering the period 1960 to 2017.
The results of the assessment have been compiled into four essays.
Second, the effect of monetary policy on aggregate demand is investigated, since it constitutes the intermediate target of policy.
Given the high incidence of poverty in Nigeria and our associated assumption that consumption would, in this case, be inelastic to policy changes, the aggregate demand effect is limited to investigating the responsiveness of investment to monetary policy induced changes in the interest rate.