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Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels of monetary transmission in such countries. Here we take a narrative approach, following Romer and Romer (1989), and center on a significant tightening of monetary policy that took place in 2011 in four members of the East African Community: Kenya, Uganda, Tanzania and Rwanda. We find clear evidence of the transmission mechanism in most of the countries, and argue that deviations can be explained by differences in the policy regime in place.

Transmission mechanism (Monetary policy) --- Monetary transmission mechanism --- Monetary policy --- Tropics --- Equatorial regions --- Equatorial zones --- Subtropical regions --- Subtropics --- Tropical regions --- Tropical zones --- Zones, Equatorial --- Zones, Tropical --- Earth (Planet) --- Economic conditions. --- Banks and Banking --- Foreign Exchange --- Inflation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy --- Central Banks and Their Policies --- Interest Rates: Determination, Term Structure, and Effects --- Price Level --- Deflation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Banking --- Currency --- Foreign exchange --- Macroeconomics --- Finance --- Exchange rates --- Short term interest rates --- Central bank policy rate --- Prices --- Financial services --- Exchange rate arrangements --- Interest rates --- Banks and banking --- Kenya