Dynamic Effects of Monetary Policy Shocks in Malawi* - African ...

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APPENDIX CTABLE C1: Roots of Characteristic Polynomial – Generic ModelEndogenous variables: LOG(GY), LOG(CP), BR, LOG(RM)Exogenous variables: CLag specification: 1 2RootModulus0.995863 0.9958630.977973 0.9779730.880114 0.8801140.734039 0.734039-0.248588 0.248588-0.210701 - 0.052382i 0.217115-0.210701 + 0.052382i 0.2171150.099467 0.099467No root lies outside the unit circle.VAR satisfies the stability condition.xi | P a g e
APPENDIX CTABLE C2: VAR Lag Exclusion Wald Test Results – Generic ModelSample: 1988M01 2005M12Included observations: 214Chi-squared test statistics for lag exclusion:Numbers in [ ] are p-valuesLOG(GY) LOG(CP) BR LOG(RM) JointLag 1 42.14412 224.7095 205.1882 127.8966 566.2024[ 1.56e-08] [ 0.000000] [ 0.000000] [ 0.000000] [ 0.000000]Lag 2 18.10525 5.583003 12.14915 8.687186 42.42655[ 0.001177] [ 0.232529] [ 0.016276] [ 0.069412] [ 0.000341]df 4 4 4 4 16xii | P a g e
Page 1 and 2: University of Cape TownSchool of ec
Page 3 and 4: Among the few studies undertaken on
Page 5 and 6: Interest Rate (Percent)In line with
Page 7 and 8: 3.2. Identification of Structural S
Page 9 and 10: The non-zero coefficients and in ma
Page 11 and 12: only the price level in the long ru
Page 13: long-run relationships in a linear
Page 16 and 17: Percent(RM-Innovations)Percent (BR-
Page 18 and 19: Figure 4.4 also shows that an expan
Page 20 and 21: Table 4.1 also reveals that the dif
Page 22 and 23: To determine the importance of the
Page 24 and 25: FIGURE 4.7: Impulse Responses for t
Page 26 and 27: Figure 4.9:Responses to Structural
Page 28 and 29: ates) is re-estimated with the samp
Page 30 and 31: TABLE 4.2: Variance Decomposition -
Page 32 and 33: authorities pursue both price stabi
Page 34 and 35: Dabla-Norris, E., & Floerkemeier, H
Page 36 and 37: APPENDIX AInterpolation of GDP usin
Page 38 and 39: GDPMalawi Kwacha (millions)about 10
Page 40 and 41: APPENDIX BB-1.0. Data PropertiesCoi
Page 42 and 43: Table B1: Stationarity ResultsVaria
Page 44 and 45: Table B3: Johansen Cointegration Te
Page 48 and 49: APPENDIX CTABLE C3: Structural VAR
Page 50 and 51: APPENDIX CTABLE C5: Roots of Charac
Page 52 and 53: APPENDIX DFIGURE D1:Impulse Respons

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