What Determines Monetary Policy in the Franc Zone? Estimating a Reaction Function for the BCEAO
AbstractThis paper examines to what extent the central bank for the West African Economic and Monetary Union (BCEAO) has used interest rate policy in response to domestic economic developments. We show that while in the long run the BCEAO matches changes in French (Eurozone) interest rates one for one, in the short run it retains freedom to react to domestic economic variables, such as inflation, the output gap, its foreign exchange position and government borrowing. 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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Other versions of this item:
- Anja Shortland & David Stasavage, 2004. "What determines monetary policy in the Franc zone? : estimating a reaction function for the BCEAO," LSE Research Online Documents on Economics 229, London School of Economics and Political Science, LSE Library.
- F3 - International Economics - - International Finance
- G3 - Financial Economics - - Corporate Finance and Governance
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Stasavage, David, 1997. "The CFA Franc Zone and Fiscal Discipline," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 6(1), pages 132-67, March.
- Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998.
"Monetary policy rules in practice Some international evidence,"
European Economic Review,
Elsevier, vol. 42(6), pages 1033-1067, June.
- Clarida, Richard & Galí, Jordi & Gertler, Mark, 1997. "Monetary Policy Rules in Practice: Some International Evidence," CEPR Discussion Papers 1750, C.E.P.R. Discussion Papers.
- Clarida, Richard & Gali, Jordi & Gertler, Mark, 1997. "Monetary Policy Rules in Practice: Some International Evidence," Working Papers 97-32, C.V. Starr Center for Applied Economics, New York University.
- Richard Clarida & Jordi Gali & Mark Gertler, 1997. "Monetary Policy Rules in Practice: Some International Evidence," NBER Working Papers 6254, National Bureau of Economic Research, Inc.
- Romain Veyrune, 2007. "Fixed Exchange Rates and the Autonomy of Monetary Policy," IMF Working Papers 07/34, International Monetary Fund.
- Wasim Shahid Malik, 2007.
"Monetary Policy Objectives in Pakistan: An Empirical Investigation,"
2007:35, Pakistan Institute of Development Economics.
- Wasim Shahid Malik, 2007. "Monetary Policy Objectives in Pakistan : An Empirical Investigation," Macroeconomics Working Papers 22212, East Asian Bureau of Economic Research.
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