The Characteristics of Macroeconomic Shocks in the CFA Franc Zone
AbstractIn this paper we fit a vector error correction model (VECM) in output and prices to data from 10 countries of the CFA Franc Zone. This model allows for various cross-country interactions in both the short run and the long run. The VECM parameters are used to estimate persistence profiles of different kinds, in order to identify the degree of homogeneity in the way in which the countries respond to macroeconomic shocks. In this way we can shed light on questions about the likely size of the costs incurred from these countries' membership of a monetary union. Copyright 2004, Oxford University Press.
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Bibliographic InfoArticle provided by Centre for the Study of African Economies (CSAE) in its journal Journal of African Economies.
Volume (Year): 13 (2004)
Issue (Month): 4 (December)
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- Fielding, David & Lee, Kevin & Shields, Kalvinder, 2004. "The Characteristics of Macroeconomic Shocks in the CFA Franc Zone," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
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