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1.	Byusa, Vincent (författare) Money demand, real effective exchange rates, and uncertainty 2024 Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract This PhD thesis consists of three distinct but interrelated research papers that collectively explore critical aspects of money demand, real effective exchange rates behavior, and uncertainty in different contexts. The first paper examines the nature of money demand in Rwanda and the rationale for the country’s monetary policy shift to inflation targeting in 2019, providing evidence of long-run money demand stability despite uncertainties affecting the global economy, and challenging the view that monetary aggregates should have no role in Rwanda’s monetary policy. The second paper investigates the complex effects of grant revenues on real effective exchange rates in Sub-Saharan African countries, revealing the outcomes of short-run depreciation and long-run appreciation. The last paper assesses how exchange rate regime choice affects the degree and persistence of real effective exchange rate misalignments, showing that, relative to a floating exchange rate regime, fixed and intermediate regimes effectively limit misalignment size, although with higher persistence. Together, these papers offer nuanced insights into the interaction between the money market, uncertainty, external grants, and exchange rate regime, underscoring the need for careful policy consideration to ensure economic stability and competitive currency values.

Byusa, Vincent (författare)
Money demand, real effective exchange rates, and uncertainty
2024
Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This PhD thesis consists of three distinct but interrelated research papers that collectively explore critical aspects of money demand, real effective exchange rates behavior, and uncertainty in different contexts. The first paper examines the nature of money demand in Rwanda and the rationale for the country’s monetary policy shift to inflation targeting in 2019, providing evidence of long-run money demand stability despite uncertainties affecting the global economy, and challenging the view that monetary aggregates should have no role in Rwanda’s monetary policy. The second paper investigates the complex effects of grant revenues on real effective exchange rates in Sub-Saharan African countries, revealing the outcomes of short-run depreciation and long-run appreciation. The last paper assesses how exchange rate regime choice affects the degree and persistence of real effective exchange rate misalignments, showing that, relative to a floating exchange rate regime, fixed and intermediate regimes effectively limit misalignment size, although with higher persistence. Together, these papers offer nuanced insights into the interaction between the money market, uncertainty, external grants, and exchange rate regime, underscoring the need for careful policy consideration to ensure economic stability and competitive currency values.

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