Rational Economics Decisions and the Current Account in Kenya
This book models the responses of both the government and the private sector to external shocks and to each other's responses, and derives their effects on the current account of the balance of payments of Kenya.
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The review of the literature
The general theoretical framework
The theoretical model and econometric estimation
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actual values analysis analyze approach assumed assumption balance of payments base to actual base values capacity to import capital stock capitalist consumption chapter coefficient coffee boom column Computable General Equilibrium constraints consumption function critical value current account deficits derived devaluation developing countries developing economies deviations domestic absorption domestic value added econometric elasticity of substitution empirical endogenous variables equilibrium exchange rate policy exogenous shocks expected and unexpected exports external shocks factor fixed exchange rate framework government investment government policy variables government's gross output growth hypothesis imported inputs increase inflation instrumental variables interest rate Kenya Kenyan economy labour neoclassical nontraded parameters predicted price of capital price of imported private investment private sector behaviour production rational expectations real exchange rate real wages regression relative price simulation specification Stackleberg statistically significant structural adjustment studies tariff terms of trade theoretical unexpected components utility function World Bank worsened