The flexible price monetary model assumes that both the purchasing power parity (PPP)
and uncovered interest parity (UIP) hold continuously. In addition, the model posits that
money market equilibrium exists, which helps to determine the exchange rate. This paper
explores exchange rate determination in low-income economies by applying a monetary
model to Kenya to examine the exchange rate dynamics in a post-float exchange rate
regime. We apply a multivariate cointegration and error correction model (ECM) to
investigate whether the long-run exchange rate equilibrium and the rate of adjustment to
the long-run equilibrium hold, respectively. Finally, we evaluate the relative performance
of ECM versus a random walk framework in the out-of-sample forecasting. We find that
the random walk performs better than the restricted model.

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要求对上段英文进行准确翻译！

注：The flexible price monetary model：弹性价格货币模型
PPP：购买力平价
uip：无抛补利率平价说
ECM：误差修正模型

　灵活的价格货币模型假定的购买力平价(PPP)。
　　摘要敞开式利率平价(,)举行。此外,该模型指出
　　货币市场均衡的存在,这有助于确定汇率。本文
　　探讨在低收入经济体的汇率决定利用货币
　　模型的检验,肯尼亚的一个post-float汇率动态汇率
　　政权。我们运用多元协整和误差修正模型(ECM)
　　远期汇率调查是否平衡和调整
　　这个长期均衡,分别。最后,我们评估相对性能
　　与随机游动的框架,在out-of-sample预测。我们发现
　　比的随机游动模型的限制。