The box “Complexities of Monetary Policy Rules” in the Board’s July 2018 Monetary Policy Report contains an application of such a modified rule; see Board of Governors (2018b, pp. 37–41). 21 See English, López-Salido, and Tetlow (2015) for applications of flexible price-level targeting and nominal income-targeting strategies to a quantitative model of the U.S. economy.
I am glad to note that the Government of Kenya has taken a keen interest on these issues and has, and is continuing to undertake a number of initiatives towards addressing these challenges. The Central Bank, in addition to the initiatives I have just mentioned, is developing Regulations to strengthen the money remittance sector.